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<br />1 <br />1 <br />1 <br />I, <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />I <br />1 <br />1 <br />1 <br />I <br />1 <br />1 <br /> <br />APPRAISAL PROCESS <br /> <br />Continued: <br /> <br />relates to all elements outside of the boundaries of the sub- <br />ject property which affect ,its value. These include facts and <br />data related to the region, the city, the neighborhood, etc. ' <br />Specific data includes information in~olving factors from <br />within the boundaries of the property such as site details <br />and improvement descriptions. Once the data is classified and <br />analyzed it can be ,converted into a value estimate through <br />the three approaches to value. <br /> <br />The value indication within the Direct Sales Comparison Ap- <br />proach is based on a comparison of the subject property <br />and other similar properties which were involved in market <br />t~ansactions or are currently involved in market listings. In <br />this comparison all dissimilarities between, the subject and <br />the comparable properties, are taken into consideration. The <br />reliability of the value estimate within 'this approach is <br />directly related to the quality of the comparable data. If <br />adequate data is available this approach can be considered as <br />a strong indication of value. <br /> <br />The Income Approach is based on the premise that there is' a <br />direct relationship between the value of a property and the <br />income which it is capable of producing. This approach is <br />considered to be most applicable when appraising properties <br /> <br />5 <br />