Commercial Assessment Process

Assessing commercial property takes in a variety of factors and approaches.  The three methods we use to value commercial property include: the cost approach, the income approach, and the sales comparison approach.  We may use all three or any combination of the three when determining an assessment.

The cost approach is an approach that begins with how much it would cost to build a similar, new building.  That cost is then depreciated for the age or deterioration of the building and then may be adjusted for various factors.

The income approach is usually in respect to how much income the commercial building is generating from rents or leases.

The sales comparison approach is what similar commercial properties are selling for.  Because commercial properties rarely sell within one county, this approach is oftentimes difficult to use.

The commercial assessor will always meet with the owners and talk to them, asking questions about the building.  We will often request building appraisals (if available), building sketches and as much information as is available.  We will ask questions about the building‘s age, condition and possible future expansions.  We will then physically inspect and measure the property, including as much details and specifications as we can accumulate.

It is our goal to work together with the commercial property owner as much as possible.  Please keep in mind, that although some aspects of the assessment may be public record, the information you give us in assessing that information (appraisals, sketches, lease payments, etc) are not made accessible to the public and are used only in determining a fair assessment for your property.