Is based on the proposition that an informed purchaser would pay no more for a property than the cost of acquiring an existing property with the same utility. This approach is applicable when an active market provides sufficient quantities of reliable data which can be verified from authoritative sources. The appraiser's opinion or conclusion resulting from the application of appraisal analysis, including reconciliation of finding to the appraisal problem at hand. The income approach is widely applied in appraising income-producing properties. An economic characteristic of Real Estate composed of immobility, constant change, dependence, and elements of special distribution.
Location is an economic, even though a location can be described in physical and legal terms.
A portion of a larger community in which there is a homogenous grouping of inhabitants, building or business enterprises. The condition of a property ascertained by a detailed inspection. The ratio derived by the selling price by the market value. The purpose of such an analysis is to determine the efficiency and fairness of assessing activities of a particular jurisdiction. The rate to be applied to the taxable value to determine the amount of tax due.