Cost Approach

One way to value your property is based on how much money it would take, at current material and labor costs, to replace your property with one similar.

If your property is not new, the assessor must also estimate how much value has been lost to wear and tear or other factors such as obsolescence. The adjustment, called depreciation, is then deducted from the replacement cost.

Finally, the assessor estimates the value of your lot and adds this to the depreciated cost to arrive at the total property value.