受污染工業土地之風險、污名與價值：美國經驗的啟示Risk, Stigma and the Value of Contaminated Industrial Land - US Lessons for Taiwan
The appraisal of contaminated land is needed not only for loan purposes but also for litigation evidence. In contrast to the US, and in spite of its significance, very little attention has been paid to the appraisal perspective of land contamination in Taiwan. The US experience suggests that cost, income and comparison approaches all have their respective merits. Cost and income approaches were mostly seen in the early applications, but the comparison approach has later gained momentum. The cost approach and the Ellwood method are applied in this study to value the severely contaminated RCA site. Monte Carlo simulation is also employed to consider the price effects of associated risk. The resulting capitalization rate is close to that experienced in the US. We argue in the conclusion that contaminated land is only part of the wider stigmatized property problem, and accordingly call for more attention to be paid to the valuation of contaminated land.
Key words: contaminated land, stigma, perceived risk