This article will consider the applicability of the "summation-of-interests" definition of property to the easement question generally, and will conclude that it is preferable to its alternatives in that context as well. The "summation-of-interests" definition in the easement context contradicts precedent established early in this century and accepted by a majority of jurisdictions. However, this precedent is based upon a number of logical errors: it equates property rights with property value, assumes that "property" must be defined as the rights retained by the owner of the fee, and sets the realizable sale price of the owner's interest as an upper limit upon "fair market value" for tax purposes. Finally, a concluding section will consider briefly the actual steps in the valuation process by which a new approach to the assessment of restricted property might be initiated.
Joan M. Youngman,
Defining and Valuing the Base of the Property Tax,
58 Wash. L. Rev.
Available at: https://digitalcommons.law.uw.edu/wlr/vol58/iss4/1