Land values, lease rates, and other airport charges are often times based on fair market value (FMV). Small airports (non-hub or general aviation airports) and slow growing airports are sometimes challenged to establish FMV when it comes to rates and charges. When these airports are approached by a business or tenant (aeronautical or non-aeronautical), the airport often does not have a comparable currently existing at the airport. It would be helpful for these airports to understand what features of an airports can be used for comparison purposes for aeronautical activities (e.g., runway length, instrument approaches) that can be used to assist in the appraisal process to determine FMV.
The objective of this research is to develop industry acceptable guidelines and a methodology to determine FMVs for airports.