Often, the ownership of a property isn't cut and dry. Bill Jones might own a property outright, by himself, unencumbered by liens or mortgages, leases or easements. But he might also own it as a "joint tenant" with his wife, Mrs. Jones. The Jones' may lease some of the property to another party. They may have signed an agreement to give up any subsurface or mineral rights they have in the property in exchange for cash. There may be a restriction in the Jones' deed stipulating that the property must never contain a structure more than two stories in height. There are numerous other ways the 100 percent "bundle" of rights to a parcel of property might be distributed.
Anything less than full ownership -- called "fee simple" in deeds and conveyances -- by a single person or entity is a "partial interest." Here at James M. Hanson Associates, Inc., we appraise partial interests all the time. It's a specialty and discipline that takes unique expertise and training, and you can be assured we're well qualified to deliver an opinion of value on a partial interest.