We have all heard the cliché, “The sum of the parts does not equal the whole”. Nothing could be closer to the truth when appraising an undivided interest in a parcel of real estate. Partial Interest Appraisals are usually required in cases where a property owner owns real estate jointly with one or more other owners, and where the Market Value of the owner’s limited interest must be determined. This type of ownership is typically found in tenants in common estates, partnerships and life estates. Appraising a Partial Interest can be one of the most complex evaluations performed by appraisers. In such cases, the appraiser is responsible for not only determining the Fee Simple Market Value of the property as a whole, but also the interest of the other parties. This will require research reflecting how the Market Value of various levels of interest in a property can be affected by joint ownership. Typically, minority owners experience a degrading of the unit value of their property interest, while majority owners enjoy an advantage due to their ability to control the property.

We at ELLIOTT® provide Partial Interest Appraisals nationwide. We offer service in each county of every state within the United States. No obligation consultation is available by contacting our central office.