What methods can the chief appraiser consider when determining market value?

The chief appraiser can consider the cost, income, and market data comparison methods when determining market value because these methods represent established, systematic approaches to valuing property based on factual and market-driven criteria.

The cost approach focuses on estimating the amount it would take to replace or reproduce the property, essentially assessing its worth based on construction costs and depreciation factors. The income approach evaluates the potential income generation of the property, such as rental income, to arrive at a value aligned with its income-producing potential. The market data comparison method examines sales data from comparable properties in the locality, giving a realistic view of how much similar properties have sold for recently, which helps in setting a fair market value.

These strategies are rooted in appraisal standards and provide a comprehensive framework for assessing property value, making them reliable tools for a chief appraiser. Other methods, like simply taking into account online real estate listings or the last selling price, may not provide a complete picture or may be influenced by fluctuations in the market. Additionally, relying on property owner suggestions lacks objectivity and may not reflect current market conditions, thus making the systematic methods the most valid choice for determining market value.