Faculty & Research

Tom Hamilton

Associate Professor : Finance Department

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Thomas W. (Tom) Hamilton has been a consultant to the telecommunications and utility industries in the United States for more than 20 years, verifying and evaluating valuation and ad valorem tax strategies and problems, and has been a consultant to numerous local and state agencies in the analysis of property tax equity and incidence. Hamilton is also an independent board member of AEI Core Property Income Trust, Inc., a $250 million REIT investing in pure triple-net leased properties using an equity-only approach to ownership.

Hamilton is a Counselor of Real Estate (CRE), a Fellow of the Royal Institution of Chartered Surveyors (FRICS), a Distinguished Fellow of the National Association of Industrial and Office Properties (NAIOP), and a licensed real estate broker and a licensed appraiser. He is a former Fellow and adjunct faculty member of the Lincoln Land Institute in Cambridge, Mass. and former research associate with the International Association of Assessing Officers in Chicago, Ill. He has researched and published numerous articles on complex appraisal techniques and ad valorem issues and concerns in national and international journals, and has been a nationally syndicated real estate columnist. His research currently focuses on income-based valuation methodologies for complex real estate assets, and he has successfully developed methods to identify and correct systematic, inequitable mass appraisal valuation processes. Hamilton has spoken to numerous organizations across the country on topics ranging from general urban land economics to financial risk management to econometric analyses of the built environment.

He holds an M.S. and a Ph.D. in real estate and urban land economics from the University of Wisconsin-Madison, an M.S. in finance from the University of Wyoming, and a B.S. in natural resources from the University of Wisconsin-Madison. He is founder and president of Karvel-Hamilton Real Estate Analytics/PROTEC.


Academic Background

B.S., natural resources, University of Wisconsin-Madison
M.S., finance, University of Wyoming
M.B.A., real estate investment analysis, University of Wisconsin-Madison
Ph.D., urban land economics, University of Wisconsin

Research Specialties

  • Non-traded public real estate investment trusts
  • Public utility valuation
  • Complex property valuation
  • Real estate market and feasibility analysis
  • Real estate investment analysis

Current Research

  • Sustainable real estate costs and benefits
  • Interdependency of capital markets and real estate markets
  • Capitalization rate decomposition
  • Direct capitalization and income valuation modeling
  • Non-random sampling issues in hedonic valuation models
  • Income adjustments in direct capitalization approaches

Major Works

  • "Ensuring Equity in Property Taxation and Administration,"  Journal of Property Tax Assessment and Administration 8:1 (2011): 5-29.
  • "Real Estate Market Dynamics during Capital Market Imbalances," Journal of Property Investment and Finance 29:4/5 (2011): 359-371.
  • "Appraising Leased Assets: A Needed Correction to WSATA Procedures," Real Estate Journal 25:9 (2009): 212-220.
  • "Use of the Income Approach in Valuing a Sand and Gravel Property in a Condemnation Proceeding," Real Estate Issues 34:2 (2009): 35-40.
  • "Accounting for Operating Leases in the Unit Valuation Approach," Journal of Property Tax Assessment and Administration 4:3 (2008): 25-35.
  • "Partitioning Capitalization Rates: The Case of Operating Leases in the Unitary Valuation Method," Appraisal Journal 75:2 (2007) 146-155.
  • "Appraising Leased Assets in the Unitary Valuation/Assessment Process," Real Estate Tax Management Journal 23:12 (2007): 304-310.
  • "Smart Growth and New Urbanism Development." Paper presented at the 20th Annual Real Estate Institute-Minnesota Continuing Legal Education, November, 2002.
  • "Real Estate Market Segmentation: Empirical Results," Assessment Journal 5:3 (1998): 52-72.
  • "Testing for Vertical Inequity in Property Tax Systems," The Journal of Real Estate Research 5:3 (1990): 319-334.

Significant Scholarly Honors

  • Admitted to the Counselors of Real Estate (# 12470)
  • Elected, Fellow of the Royal Institution of Chartered Surveyors (# 1257146)
  • Grant recipient, Lincoln Institute of Land Policy (2000, 2001, & 2002)
  • Two-time recipient of the Distinguished Research and Development Award, International Association of Assessing Officers (1991 and 1992)

Current Community Relationships

  • Faculty Liaison, UST Real Estate Advisory Board
  • Licensed Real Estate Broker (Minnesota)
  • Licensed Real Estate Appraiser (Minnesota)
  • Past Chapter Chairman, Counsolors of Real Estate - Minnesota Chapter