How is Value Determined?

Market Approach It based on the premise that a prudent person will pay no more for a property than it would cost to purchase a comparable substitute.  The use of this approach involves the comparison of your property with others of similar design and use which have recently sold or are currently for sale.  The Market Approach is the method used in this analysis.

Cost Approach This method give the estimated current cost to reproduce a property.

Income Approach This method is primarily used for investment properties to help purchaser determine the expected return.