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PROPERTY RIGHTS APPRAISED <br />Real property ownership consists of a group of distinct rights. There are two primary property <br />rights, Fee Simple and Leased Fee. <br />Fee simple estate is defined in The Dictionary of Real Estate Appraisal, 3rd Edition as: <br />"Absolute ownership unencumbered by any other interest or estate, subject only to the <br />limitations imposed by the governmental powers of taxation, eminent domain, police power, <br />and escheat." This would typically reflect an owner-occupied property. <br />When the property rights appraised are the unencumbered fee simple interest of the real <br />estate, the appraised value is subject to normal easements for drainage, public streets and <br />utilities, if any. The effect of any existing mortgage or delinquent taxes on the subject <br />property has not been considered in this appraisal. <br />Leased fee interest is defined in The Dictionary of Real Estate Appraisal, 4th Edition as: "an <br />ownership interest held by a landlord with the right of use and occupancy conveyed by lease <br />to others. The rights of the lessor (the leased fee owner) and the lessee are specified by <br />contract terms contained within the lease." This would generally reflect atenant-occupied <br />property. <br />The Fee Simple Interest of valuation will be appraised. Since the subject is vacant land, the <br />fee simple interest is most appropriate. <br />PERSONAL PROPERTY <br />Appraised value reflects real estate only. No Business Value, FF8~E or personal property <br />is included in the appraised value. <br />4 Nagell Appraisal & Consulting ~ 952-544-8966 ~ www.callnagell.com <br />