Appraisal Institute Debuts Property Use Classification System

Appraisal Institute Debuts Property Use Classification System

September 11, 2018
The Appraisal Institute has published a new book that details the challenges in valuating properties that are subject to being condemned through the eminent domain process
The Appraisal Institute has launched a new information system to classify and describe property uses while helping real estate-related professionals with their property use data storage and analysis.
The Property Use Classification System (PUCS) is based on the Appraisal Institute’s 15-year-old Commercial Data Storage Standard and expands the number of property classes from 13 to 18 and divides uses for land and buildings. PUCS contains three levels of use classification—property class, property type and property subtype—and provides an expansive number of property types and property subtypes, including newly developed appraisal considerations such as energy, rock-climbing facilities, recycling centers, waste transfer stations and intermodal properties.
“The Appraisal Institute’s Property Use Classification System has wide applicability through the real estate sector,” said Appraisal Institute President James L. Murrett. “It will be of tremendous value to stakeholders and service providers to the valuation profession, real estate brokers, architects, engineers and others.”
PUCS v. 1.0 is made available under a Creative Commons Attribution-NoDerivatives 4.0 International License (CC BY-ND).