Guidelines for Determining Market Value and Market Rent of Airport Property.

摘要

The Florida Department of Transportation's (FDOT) Aviation Office has contracted the Center for Urban Transportation Research (CUTR) at the University of South Florida to provide assistance with developing guidelines for determining the market value (MV) of airport property. MV is defined as the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. The annual rental value of property as of the date of the appraisal is often referred as market rent (MR). Most of the funding for operations and capital improvement at both commercial and general aviation (GA) airports comes from user financing, while the federal and state governments are capable of providing only a fraction of the funding needs. The goal of any airport development grant is to make the airport as self-sustaining as possible and minimize the need for further assistance. Therefore, both federal and state grant assurances require grant-assisted airports to operate with the goal of being self-sustaining. That includes the obligation to charge MV for both selling and leasing airport property. However, airports often find the MV process to be confusing, subjective, and lacking consistency, and would like to have more guidance on the evaluation approach. The purpose of this project is to research and document valuation methodologies for determining the MV of airport property and to develop thorough but easily understood lease or sale guidelines to serve as best practice that can be useful to airport managers and local elected officials. The research approach included both a thorough research of literature on the subject of market valuation of property, as well as consultations with aviation industry professionals and stakeholders. CUTR researchers participated in a series of meetings involving airport managers and fixed base operators (FBO). A total of 13 airport managers, representing airports from different parts of Florida, were interviewed.