The appraiser then used the development
cost approach to estimate the market value of the property at $535,000.
Ryan Principal Thomas Brannigan said that the cost schedules used within the
Cost Approach were deemed unconstitutional in Town of St.
A
cost approach would measure fair value based on the current cost to replace the service capacity of an asset.
The
cost approach involves estimating the replacement cost of buildings and other improvements, subtracting depreciation, and adding the value of the land.
For the
cost approach, look at the number of slips, slip length and overall lineal feet of dock.
Residential Appraiser Site Valuation and
Cost ApproachThe
cost approach values IP based on the cost to obtain it; the income approach values it based on its income-producing ability.
Common valuation techniques identified by FAS 157 are the market approach, income approach and/or
cost approach.
On appeal, Burks argued that the MTC's appraiser erred by mixing the
cost approach and the sales comparison approach, and by using sales that were not comparable to the subject property.
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Cost Approach estimate.
However, the court held that the BTA had a duty to value the properly independently and erred in reverting to the auditor's
cost approach valuation.
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