When purchasing, selling, or developing real estate, business owners should be attentive to the market value of their property. Put simply, market value is “the price a purchaser, who is willing, but not obliged to buy, would pay an owner, willing, but not obliged to sell, taking into consideration all uses to which the property is adapted and might in reason be applied.” Not only does market value drive transactions, but valuations are also integral for those seeking a mortgage. If the property is being used as collateral, market value will determine the amount of credit given to an individual. Further, market value factors into the amount of property tax charged on a portion of property.

Pennsylvania appraisers use three methods to arrive at a property’s market value: 1) the Sales Comparison Approach (SCA); 2) the Cost Approach Method (CAM); and 3) the Income Approach (IA). No one method is an exact science, and there are benefits and detriments to each based on the differing characteristics of your property.

Continue Reading What’s Your Property Worth? How Pennsylvania Appraisers Calculate the Market Value of Real Estate

If you attend municipal meetings regularly (like yours truly), you know that stormwater management is a frequent topic of discussion and debate. Simply put, stormwater is the precipitation which flows off impervious surfaces during a weather event rather than infiltrating into the ground. Naturally, development of any type changes stormwater infiltration and runoff patterns. In today’s world, even small construction projects
Continue Reading Grab Your Umbrella- Here Comes the Rain (Tax)

With the 2017 Tax Cuts and Jobs Act (“TCJA”), developers and water and wastewater companies see the return of a tax policy that has significant consequences for both groups.  This is the first post in a two-post series discussing the history of “Advances” and “CIAC” and the practical effect of the TCJA on construction, dedication and utilization of water lines in Pennsylvania.  In short, the cost of doing business just increased for developers, while water companies once again are saddled with additional work.  This post provides background and history while a second post will provide insight on working through the issues.
Continue Reading Developers Beware! Water Lines May Cost More Due To The Tax Cut And Jobs Act – Part 1