VALUATION APPROACH

Special purpose properties have no reliable comparable sales. Assessors applying mass appraisal models to airports, quarries, cell towers, casinos, and historic buildings produce assessments that are structurally disconnected from market reality. The cost approach is the required methodology, but a cost approach without adequate obsolescence analysis simply reproduces the over-assessment in a different form.

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Valuation arguments are built from the ground up: replacement cost new less depreciation with documented functional and economic obsolescence, hypothetical conversion analysis, income reconstruction where the asset generates revenue, and market evidence drawn from adjacent asset classes where direct comparables do not exist. For casinos and large-scale gaming resorts, going-concern separation is the primary lever. For educational institutions and charter schools, the replacement cost new less depreciation approach consistently produces values well below county mass appraisal models. Where standard methods fail, the methodology gets invented. That is where the expertise is most consequential.