​In determining full cash value, the following factors may be considered:

Recent sales of similar properties;

Replacement cost, less accrued depreciation; and

In the case of rental or commercial properties, a fair and reasonable capitalization of income.

The assessor may consider all three approaches to value choosing the most appropriate approach that will result in a uniform valuation of all properties. A cost approach calculation should appear on worksheets for all properties unless exempted by the Department. This requirement does not preclude the assessor from utilizing another approach for his final estimate of value.

The cost approach is not required in the valuation of condominiums or apartment projects of more than four units. In these instances, however, there must be an accurate recording of property factors to insure an adequate market comparison approach to value.​​