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January 28, 2020 Teracom Training Institute certified that Greg Popham, Principal of CRED Cell Tower Valuation completed the required course work and passed the required certification examinations to be admitted to the TCO designation … Certified Wireless Analyst (CWA).

Course work covered a wide range of areas from Wireless Spectrum and Radio Bands to Analog and Digital Radio to TDMA and CDMA Operation and Patents to Spectrum Sharing, Wireless LANs to Point to Point Microwave and Satellite Communications.

This knowledge reinforces CRED’s business model of cost analysis and on-site inspections of wireless telecommunication equipment. Greg Popham, Principal of CRED commented, “refreshing our knowledge of wireless technologies underscores our commitment to maintaining a solid foundation to assist local assessors in the discernment of cell tower sites and wireless communication equipment when completing valuation reports”.


(Monmouth County Assessor’s Association) was held February 5, 2020 in Tinton Falls, NJ. David Dyer and Greg Popham were Speakers at the event … Determining the market value of wireless telecommunication equipment. Cost? Income? Sales? The two-day conference was well attended by Assessors, Personal Property Directors, and officials of the NJ Division of Taxation. The presentation supported 2 APP CEU’s and fielded an array of questions with the most noticeable for the NE still being … “so, the tenants (wireless carriers) don’t own the tower … and leasehold improvements involve more than a tower structure …”

The day was full. David and Greg look forward to a promising market in NJ.

CRED Cell Tower Valuation

Celebrates its 5 Years Anniversary with the International Association of Assessing Officers ... “CRED appreciates its association with IAAO over the last five years. The opportunity to interface with Assessors and Chief Appraisers from across the nation at the annual conference has always been a “state of the art” venue for assessors, vendors, and presenters ... we have been welcomed as authors, exhibitors and presenters …”, stated Greg Popham, Principal. The company looks forward to its 10 Years Recognition.

IAAO's 83rd Annual Conference in Las Vegas

CRED to present at IAAO's 83rd Annual Conference in Las Vegas

CRED- Consulting / Real Estate Development is honored to be invited to conduct a presentation at the International Association of Assessing Officers 83rd Annual Conference on Assessment Administration September 24-27 in Las Vegas. CRED officials will cover issues involved with determining the fair market value of wireless telecommunication equipment. The wireless industry will continue to experience unprecedeneted urban and rural growth. Routinely, the original cost basis for wireless equipment is flawed from the beginning with undervaluation from either the development permitting process or insufficient and acceptable detailed equipment cost. In addition, there is insufficient credible data for sales and income information by site. CRED will address solutions by discussing its on-site inspection process; the inventory and completion of material equipment list, and the use (pricing) of Replacement Cost New (RCN) estimates.

CRED to Present at 2017 FCIAAO TPP Seminar

CRED has received an invitation to present materials and best practices for TPP valuation of cell towers and wireless carrier equipment using Replacement Cost New (RCN) values.  The presentation will focus on field inspections, equipment inventory and pricing guidelines of cell tower and wireless carrier equipment.  (RCN) values typically show these property cards are undervalued as much as 195% to 300%.  The date of the presentation is Jan 26th.  See the FCIAAO website for additional information.

CRED Officials attend University of North Carolina IAAO Seminar / Continuing Education on the preparation for appeals and litigation on property taxes. As part of CRED’s services in the on-site inspection and inventory and valuation of cell tower sites, the Client’s agreement includes CRED’s commitment to attend and support the Tax Assessor, his /her staff and Board of Adjustment in support of the County’s “cost basis”…CRED’s, Replacement Cost New (RCN) estimate. While the seminar focused on income properties; the procedures and role for outside appraisers and consultants followed suit for tangible personal property. Hiring CRED as the County’s Expert Consultant will protect records from discovery and prepare the County for reaching “common ground” with respect to the new taxes in lieu of depending upon a third party judicial decision.

FCIAAO annual meeting in St. Petersburg, FL reinforced CRED’s Replacement Cost New (RCN) model and need of the same. CRED Officials and their State Regional Valuation Director participated in a three (3) day conference in St. Petersburg, FL. While CRED had met with several counties independent of the conference, it was CRED’s first formal attendance as an Exhibitor in Florida. Many of the State’s Property Appraisers, Assistant Property Appraisers and Tangible Personal Property Appraisers stopped by CRED’s exhibit to discuss the significance of “cost over income” approaches and CRED’s Replacement Cost New model. Seventeen counties received examples of the potential for increased tax collections based on 2015 / 2016. This has led to discussions and exploration of use of CRED’s model in coming months.

Douglas County, GA sees merit, extends Wireless Facilities – Validation Report to Countywide Report. The County’s Board of Assessors and Benny Waldrop, Chief Tax Appraiser / Assessor engaged CRED to develop a Validation Report to extrapolate tax lifts for wireless facilities in Douglas County (a suburban County of the Atlanta MSA). Twenty (20.0) percent of the total number of registered FCC sites were inspected and priced for current values. The County’s reconciliation of CRED’s work to an anticipated rendered tax value and tax supported the Boards decision to implement the program countywide in order to place the new values on the 2017 digest. Work is set to commence in the fall of 2016.

Two counties in Florida set to revalue wireless antenna structures and carrier equipment for Tangible Personal Property. Lafayette and Baker counties realize the complexity of wireless telecommunication equipment and have engaged CRED to provide Replacement Cost New values to develop a 2016 “cost basis”. Due to budget constraints Lafayette limited the scope of their contract to a Wireless Facility – Validation Report, fifty (50) percent of the tower sites in the County will be inspected and assigned a (RCN) value. CRED anticipates the remaining structures will be inventoried in 2017. Baker County made the decision to complete a Countywide Valuation Report in order to index values for its 2017 tax digest. CRED will inspect, photograph and inventory twenty-six (26) tower sites. The work for both counties commences in the Fall of 2016 with deliverables anticipated in the first quarter of 2017.

CRED officials to discuss the benefits of “cost” over income approach with Massachusetts Department of Revenue (DOR). Conversations with several Townships in Massachusetts regarding CRED’s Replacement Cost New (RCN) valuation model for wireless antenna structures and carrier equipment has led to the introduction of the (RCN) model to officials with the Bureau of Local Assessment. During the month of October CRED’s principals will meet with the Massachusetts DOR Bureau Chief and her staff to consider CRED’s cost approach as a guide for the State’s 352 taxing jurisdictions. As with all States that CRED works in, the Department of Revenue is a first stop for introductions, approvals / certifications and/or additional discussions regarding CRED’s expertise at both local and state levels.

IAAO Conference Committee selects CRED to present at the 84th Annual International Conference on Assessment Administration to be held in Minneapolis, Minnesota, September 23 – 26, 2018.

Cell Towers:  Estimating Value Using the Cost Approach
This repeat session from the 2017 Conference will provide the working knowledge required to develop assessed values from cost estimates and to reconcile such costs with “unbundled” taxpayer inventories, supplemented and indexed with manufactured industry standards of useful life and the application of a straight-line depreciation methodology with salvage values.

Principal and Founder of CRED, Gregory Popham states … “My business partner and I are excited about the opportunity to present our RCN Cost Approach and Assessment Methodology for appraising the value of cell tower sites … the one variable we’re questioned most often about is whether Economic and/ or Useful Life is synonymous with Service Life when computing depreciation and assessed values…? “