Income Approach. (1) The income approach, when utilized, shall be implemented by calibrating and applying valuation models as follows: (a) Investigate and qualify, with documented analysis, market data, which may include but not be limited to: rental income; expenses; vacancy; and, capitalization rates for: residential, commercial, industrial and any other special use property; (b) Describe property specific characteristics; (c) Document statistical testing for the income valuation models to known sales of similar properties; (d) Create valuation models consisting of market data based upon: (i) Defined descriptions and specifications based upon property type; and, (ii) Quality and size of the improvements; and, (e) Document the calibration of all income approach valuation tables and models.
Appears in 5 contracts
Samples: Cyclical Revaluation Contract, Full Revaluation Contract, Full Statistical Revaluation Contract
