Page 4 - Part to be Acquired & Remainder Before the Acquisition: This page is required for partial acquisitions. The top portion of the page is a summary of the valuation of the part to be acquired. If rounding is necessary, the parts should be rounded separately rather than rounding the total. If the part to be acquired derives its value from the whole property, then the appraiser may estimate the value of the part to be acquired based on the whole property analysis. A separate Page 4.A could be prepared by the appraiser to describe the part to be acquired, its highest and best use and whether it is or not a separate economic unit.

Page 4 - Remainder Before the Acquisition: The bottom portion of this page is a summary of the component parts of the remainder before the acquisition. The value indicated in this section of the report is based on a mathematical calculation wherein the part to be acquired is deducted from the whole property. This amount sets the basis for the calculation of any damages or enhancements to the remainder after the acquisition.

Page 4.1 - Property Valuation Summary of the Part to be Acquired (if applicable): This “PVS” page is a multiple-use page designed to report and summarize the applicable valuation approaches and develop the reconciliation of value. A PVS page will be used if the part to be acquired is determined to be a separate economic unit, with its own separate components of land valuation, cost approach, and/or income approaches. All supporting documentation should follow each promulgated page and be numbered sequentially using the structured page numbering system.

Highest and Best Use Analysis: A change in the Highest and Best Use in the Part to be Acquired condition requires a detailed discussion. When the Highest and Best Use differs from that of the whole property, the comparable sales chosen should reflect the different use. This section requires that the appraiser define, identify, and address the four tests of highest and best use:

what type of development is legally permissible;
the physically possible uses of the subject parcel;
the uses that are financially feasible as of the effective date of the appraisal; and finally,
the use that maximizes the subject’s productivity. The appraiser analyzes the subject’s highest and best use as vacant and then, if applicable, as improved. If it is determined that the subject parcel improvement(s) represent an interim use, this should be fully discussed.

Approaches to Value: Insert the value estimate after the dollar sign and then briefly describe the analysis and support that approach. If not applicable, then briefly describe the reasoning. Each approach will be handled in a similar manner.

Reconciliation: This section is for the discussion of the reconciliation and the justification of the final value conclusion. The reconciled value is the summation of the total improvement value and the land value.

Contributory Value of Improvements: The contributory value of the improvements should be itemized in such a manner that a summation of the component parts will equal the total improvement value. Any depreciation and/or obsolescence should be applied individually to each component item. If rounding is necessary, the parts should be rounded separately rather than rounding the total.

Land Valuation: The land size of the part to be acquired in acres, square feet, or typical units is multiplied by the unit value to arrive at the total contributory land value.