Miller, Norman G.; Jones, Steven T.; Roulac, Stephen E. - In: Journal of Real Estate Research 10 (1995) 2, pp. 203-216
The temptation is strong for arguing that property values can be broken down into land, improvements, and business value, as only land and improvements are subject to property tax. As sympathetic as the authors are to this motivation, the notion of a long-run business value component for retail...