Which resources can an Assessor use to calculate value based on the cost approach?

The correct answer is that both the Marshall and Swift Residential Cost Handbook and the Vanguard Real Property Appraisal Manual can be utilized by an assessor to calculate value based on the cost approach.

The Marshall and Swift Residential Cost Handbook is a well-established resource widely used for estimating construction costs for residential properties. It provides detailed information on various building materials and construction methods, enabling assessors to calculate the replacement cost of a property accurately. This is crucial for the cost approach, which bases property value on the cost of constructing a similar property.

The Vanguard Real Property Appraisal Manual also serves as a reference for property assessment and valuation techniques. It provides guidelines and methodologies that can assist assessors in evaluating property values from a cost perspective, along with insights into different property types and the emerging trends in the real estate market.

Utilizing both of these resources allows assessors to achieve a more comprehensive and accurate valuation using the cost approach, making the combined use of these manuals advantageous for effective appraisal practices.