Physical depreciation = Structure Actual Age/Structure Physical Life x Replacement Cost New + Cost to Cure
The cost to cure
and correct that problem is far greater than if we had been allowed to provide some preventive measures as soon as we spotted roosting," explains Vance.
Focusing on larger parcels, uneconomic remnants, cost to cure
, and severance damages, the course discusses the qualifications, roles, and responsibilities of the review appraiser from pre- to post-appraisal activities.
7.5 Cost to Cure
", The Bluebook Cost Guide", and the web based Appraiser Assisted Residential Cost Analysis (AARCA) software, InsureBASE", and feel that the quality of the products would benefit all NAIFA members.
The following recent cases highlight the success some taxpayers have experienced in reducing their assessments based on cost to cure
and stigma arising from environmental contamination:
The period that this would affect the property would be from the time the problem is identified (and a cost to cure
established) until the re-construction has been completed.
The court held that testimony of the leasing agent indicated that $700,000 was a low estimate, that the repairs would likely cost $1.2 million, and that there was no question that the cost to cure
deferred maintenance problems can affect property value.
It is recommended that once a property is found to be contaminated, an analysis should be made if the "cost to cure
" as deducted from the market value proves an over-valuation by the assessor.
The Vermont Supreme Court agreed that the trial court's finding that $10,000 was the actual cost to cure
was supported by the record.
An expert witness's use of the cost to cure
to determine consequential damages in an inverse condemnation case was not erroneous, according to the Court of Appeals of Georgia.