Il saggio di capitalizzazione negativo nella stima analitica degli arboreti
In Italy, appraisal profession uses the income capitalization approach in valuation of the urban real properties and the firms. In appraising, the capitalization value represents a method to estimate the market value. In counseling, the capitalization value calculates the present value of expected benefits according to a presumed requirement for profit or yield. Under these circumstances, for the investor has primary importance to know the cash flow of the expected earnings. In the income capitalization approach of agricultural properties, the most of interest is placed on appraisal of tree crops, that uses the past income method or the future income method. These methods need smaller predictions and insert the observed price on the land market. Both methods consider the discounted rate constant on a time interval of arboreal pluriennial cycle. On the decreasing production period and on the initial stage, the use of these appraisal methods may request a negative discounted rate, which is in every respect a capitalization rate. The negative cap rate leads to a positive arboretum value. The negative cap rates are consistent with the income approach of tree crops.