Linda Brown RES CAE Real Estate/Land Records Manager Buncombe County Income Approach: Before Appeals

 Consistency  Relationships  Information  Confidence  Limit informal appeals  Saves time  Value income producing property when limited sales data is available

 Retail  Apartments  Office Buildings  Golf Courses  Hotels  Manufactured Housing Rental Parks

 228,000 Square foot Resort Hotel built in 1912  Donald Ross Golf Course  150 acres  Last sold 1955  $40 million dollar Spa added in 2001 cost exceeded value added to property

Using the income approach Assessed in 2006 for $115,000,000 Sold May 2010 for $103,528,000

 175,000 square foot residence with 250 rooms, indoor pool, elevators, bowling alley, stables  Original construction completed 1895  Main building estimated reproduction cost $200 million  Winery, multiple restaurants and retail shops  Hotel  2,400 acres  Property has never sold

 Consistency  Ability to value income producing property when limited sales data is available  Information developed by staff  Relationships with property owners  Staff confidence  Most appeals are settled locally