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<br />r VALUATION PROCEDURES <br />' Current appraisal standards recognize three basic approaches <br />to real estate value. These are identified as the Cost <br />Approach, the Market Approach and the Income Approach. As <br />there are no building improvements involved in this analysis, <br />only the Market Data Approach is applied. <br />' The idarket Data Approach is based on comparisons between the <br />improved property under study and similarly improved <br />' properties that have sold in recent years. Units of <br />comparison are developed by detailed analyses of the sale <br />properties and subsequently applied to subject property as <br />' an indication of value. The principal limitation is the <br />availability of a sufficient number of verifiable comparable <br />sales. When such ample data is present, this method of <br />' valuation results in a reasonable value estimate. <br />Land Value Analysis <br />In analysing land sales in the general area, a number of <br />generalizations can be made. These include the following: <br />Location <br />,, Location is the primary factor in the valuation of <br />virtually all potential development land. As applied to <br />this appraisal, the highest land values are found with <br />' those tracts having good access to transportation <br />facilities close proximity to existing development and <br />proximity to natural amenities. <br />I <br /> <br />11 <br />II <br />