Formulaic Expert Method to Integrate Evaluation and Valuation of Heritage Trees in Compact City |
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Authors: | C Y Jim |
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Institution: | (1) Department of Geography, The University of Hong Kong, Pokfulam Road, Hong Kong |
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Abstract: | Urban trees serve important environmental, social and economic functions, but similar to other natural endowments they are
not customarily depicted in monetary terms. The needs to augment protection, funding and community support for urban greening
call for proper valuation. Heritage trees (HTs), the cream of urban-tree stock, deserve special attention. Existing assessment
methods do not give justice to outstanding trees in compact cities deficient in high-caliber greenery, and to their social-cultural-historical
importance. They artificially separate evaluation from valuation, which should be a natural progression from the former. Review
of tree valuation methods suggested the formula approach to be more suitable than contingent valuation and hedonic pricing,
and provided hints on their strengths and weaknesses. This study develops an alternative formulaic expert method (FEM) that
integrates evaluation and valuation, maximizes objectivity, broadly encompasses the key tree, tree-environment and tree-human
traits, and accords realistic monetary value to HTs. Six primary criteria (dimension, species, tree, condition, location,
and outstanding consideration) branched into 45 secondary criteria, each allocated numerical marks. Each primary criterion
was standardized to carry equal weight, and a tree's maximum aggregate score is capped at 100. A Monetary Assignment Factor
(MAF) to consign dollar value to each score unit was derived from three-year average per m2 sale price of medium-sized residential flats. The applicability of FEM was tested on selected HTs in compact Hong Kong. The
aggregate score of a tree multiplied by MAF yielded monetary value, which was on average 66 times higher than the result from
the commonly-adopted Council of Tree and Landscape Appraisers method. The computed tree values could be publicized together
with multiple tree benefits to raise understanding and awareness and rally support to protect HTs. The property-linked FEM
could be flexibly applied to other cities, especially to assess HTs in compact developing cities. |
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Keywords: | compact city formulaic expert method heritage tree monetary value property-linked valuation tree evaluation tree protection tree valuation urban ecology urban tree |
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