The National Council of Real Estate Investment Fiduciaries (NCREIF) recently announced that it has published its “NCREIF Agricultural Appraisal Guidelines”, which are the first set of comprehensive guidelines developed to meet the demanding reporting needs of institutional investors.
According to the NCREIF’s press release, its Agricultural Appraisal Guidelines are intended to provide a clearly defined set of standards for appraisers that perform farmland appraisals on properties that are managed or owned by contributing members of the NCREIF Farmland Index.
It’s important to note that these newly developed guidelines are not intended to replace any current appraisal requirements (such as USPAP) or any local or national licensing or valuation requirements. They are only intended to create consistency and clarity in the appraisal reports of properties that are included in the NCREIF Farmland Index.
These guidelines were developed by members of the NCREIF Farmland Committee, with input from several appraisal organizations – including the Appraisal Institute and ASFMRA.
To see a copy of the NCREIF Agricultural Appraisal Guidelines, click here.
The National Council of Real Estate Investment Fiduciaries (NCREIF) – ncreif.org