Real Property Real property is land and any improvements, such as buildings, attached to the land. Market or sales comparison method uses sales to provide estimates of value for similar properties. Cost-approach method considers what it would cost to replace an existing structure with a similar one that serves the same purpose. The costing method is also used in new construction valuation. Income method is used primarily to value business property where the property tends to be worth its income - producing potential.
Most residential property is valued by using the market or sales comparison method.
An individual sale does not automatically establish the value of a property. The assessor uses multiple sales to establish market value.