Aug 15, 2018 · However, the property owner has the option to provide an independent appraisal prepared and certified by a licensed appraiser. Collier County appears to base the costs of improvements/repairs applicable to the FEMA 50% Rule value on each individual permit that is pulled instead of evaluating the totality of costs over a stated period of time.
The cost approach for commercial property appraisal is not very popular these days. This method assumes that the value of the commercial property is equal to the cost incurred to construct it or the replacement cost. In short, the buyer will not have to pay anything more than what would be required to build an equivalent of that property.