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2022 Remainder Sales Study: Tennessee Department of Transportation Right-of-Way Appraisal Damages Study
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2022-05-01
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[PDF-3.66 MB]
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Alternative Title:Tennessee Remainder Sales Study--2022: Tennessee Department of Transportation Right-of-Way Appraisal Damages Study [Title from cover]
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Edition:Final Report July 2019-May 2022
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Abstract:The Tennessee Department of Transportation (TDOT) acquires private and commercial properties in conjunction with transportation projects. Many acquisitions are partial takings, i.e., only a portion of the total property is acquired. For such takings, damage amounts are included for the remainders in reports. However, the value of damages, determined from appraisals, is often questioned by owners of the damaged properties. Consequently, evaluating the accuracy and fairness of those appraisals is of paramount importance to both TDOT and affected property owners. In this regard, recent Tennessee appraisal data are used to identify the conditions affecting damages from right-of-way acquisitions. Specifically, the parcel attributes that have the most significant impact on the percent of damages were identified. Next, a prediction tool named ROWDA was developed based on appraisal data to obtain consistent and accurate damage estimates. Case studies of specific takings were identified and reviewed to assist in the transparency of the right-of-way taking process. For properties that had remainder sales data, damage appraisals were compared with the market data to calculate sales-based damages. They help to determine whether the model developed accurately predicted damages. While the small sample size limits definitive conclusions, the analysis suggests that the model predictions are reasonably accurate. Results show that the median sales-based percent-damages were -37%, close to appraisers’ estimated percent-damages (-35%) and ROWDA predicted percent-damages (-34%). Overall, the ROWDA tool can make the appraisal process more transparent by identifying appraisals that appear to be out of line with the model's projections.
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