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AP:'RAISAL PROCEDURE AND METHODOLOGY <br />The following definitions of appraisal terms are provided for <br />general information purposes: <br />Cost Approach: An appraisal method in which the value of a <br />property is derived by estimating the replacement cost new <br />of the improvements; deducting therefrom the estimated <br />depreciation; and then adding the market value of the land. <br />The forms of depreciation which may affect any given <br />property include physical deterioration which is loss in <br />value brought about by wear and tear, disintegration, use in <br />service, and the action of the elements; functional <br />obsolescence which is loss in value brought about by such <br />factors as overcapacity, inadequacy, and changes in the art, <br />that affect the improvement; and economic obsolescence which <br />is the impairment of desirability or useful life arising <br />from economic forces such as changes in highest and best <br />use, legislative enactment-, restricting property rights, And <br />changes in supply -demand jelfationships. <br />Market Data Apprn__.h: An appraisal technique involving the <br />process of correlationand analysis of similar recently sold <br />properties. <br />Incr �t: An appraisal technique in which the <br />anticipated not incomes that can be produced by a property is <br />processed to indicate the capital amount of tale investment <br />which produces the net income. <br />The property being, appraised is land and water ponding area only. <br />Neither the cost approach near they income approach appraisal <br />techniques are tappl icttble in the %-aluat ion of land/ponds. A <br />reliable estimate of property valuer can be obtained by <br />ruse arching and anulyzing snlQs or recently sold sites that. <br />possess vnrying dt-greets of simllnrit} to the property being <br />appraised. <br />I &N QL Ea�N ti° & i cI- <br />The I atnd t r a n#, a11, 1. at t srd i n unique <br />In t tt.►t it III for t h e m o s t <br />part wotorj Po"ding nrrn. There are rtce Known "aras IC,ngtIt" siftIes <br />of strict 1Y nttter ponds or xt0i'm waste-r liOltiartg peasels. Such waster <br />pond areas e-atrst ctnd titre.- sale! :ynly zts ►ntegrzaI p n r t a of <br />dedi�l�pt a rtt . ;,r c�tyra°t it-s thrtttnclodc developohlo land. <br />�`he + st imttte- c4f r�zt1u+ for tkte aatbjvf=t, pre'1?�r°t�� in frtc�y litnted toy <br />aanaalyx ink° onlot; eel recent ly <br />tjolct inrtds in fca«ir-:illex that k^+ire <br />acquired for c:cmmdreinl Or tputti""" off €; tt e. f rttvitlezd of) the <br />fol Iota att4 Pate o-jr; arc summaarif<s c>n it number of Isc•It Irtrad stiles in <br />the arvat, as well tas informattIon on ;tit"" now nvoilablo on the <br />market for t=urcahnsc•. <br />