Commercial Property Appraisal
You Pay mothing unless we save you money on your property taxes! Our Tax Assessors apply mass appraisal methodology using a computerized model to set a preliminary value. The multiple rounds of an appeal process are setup to allow you to correct their mistakes until the value is certified. You will not be penalized for filing an appeal. This means there is nothing to lose and no risk to you.
The Cost Approach
is considered most applicable for commercial real estate appraisals for relatively new properties and special-use properties.
Commercial real estate appraisers are less likely to use the cost approach for older properties due to the difficulty of precisely calculating the amount of depreciation.
The Income Approach
is most applicable for investment or income properties. Appraisers gather data regarding the actual income and expenses for the subject property, rental comparables, expense comparables, industry expense data, market occupancy, and rental market trends for analysis.
The commercial real estate appraiser then estimates gross potential income, other income, effective gross income, operating expenses, and net operating income to arrive at a value conclusion.
The Sales Comparison Approach
Commercial real estate appraisers also utilize the sales comparison approach to determine market value. The sales comparison approach is often utilized on owner-occupied properties.
After obtaining data regarding similar properties that recently sold, the appraiser applies appropriate adjustments to the comparable sales to form an opinion of market value for the subject property.