Cost Approach to Property Appraisal

房地产估价的成本估价法

John L. Mikesell
Professor of Public Finance & Policy Analysis
School of Public and Environmental Affairs
Indiana University
公共财政和政策分析教授
印第安纳大学公共和环境研究学院

State Administration of Taxation – Lincoln Institute of Land Policy

Joint Training Course
May 2004
国家税务局－林肯土地政策研究所联合培训计划
2004年5月
 Cost Approach to Appraisal
成本估价法
• Based on Principle of Substitution: No one would pay
more for a property than the cost of acquiring a
comparable site and building a comparable structure.
基于代入原理：房地产的价值不会多于购买同样地点并
建造同类建筑的成本。

• Sometimes called Summation Approach because it

values real property parcels by summing separate
values for land and improvements for land, rather than
valuing parcel as a whole.
有时也被称为总和估价法，因为这种估价方法是把土地
各部分单独的价值和房产的价值总和起来，而不是把房
地产当作一个整体来估价。
 Cost Approach to Appraisal
成本估价法
• Approach widely applicable to all uses and types of
property (excluding land) and historically the primary
approach in mass appraisals. Best feasible appraisal
approach for unique properties and best approach for
new construction.
这种方法被广泛应用于各种类型和用途的房产（土地除
外），并是历史上批量评估主要的评估方法。它也是评
估特殊房产最可行的方法，评估新建筑的最佳方法。
 Cost Approach to Appraisal
成本估价法
• In mass appraisals, requires standardized schedules for
estimation of values and training for standard application
of those schedules.
在批量评估中，要求有标准化的进度表用于价值的估计，
并且要求训练这种进度表的标准化应用。

• Preparation of these standard schedules should be

subject to open review process to obtain general
acceptance of their application and results.
标准化进度表的准备过程须经过公开评审过程，以使其应
用和结果得到普遍接受。
 Basic Steps in Cost Approach
成本估价法的基本步骤
• Estimate the value of the land in the parcel as if vacant.
Requires analysis of land market and transaction prices.
把房产中包括的土地当作空白土地来估计价值。要求有土
地市场和交易价格的分析。

• Estimate what it would cost to replace or reproduce the

structure as of the date of the appraisal.
估计在评估当日如果替换或复制该建筑所需要的成本

• Estimate the loss in value from all depreciation

experienced by the actual structure.
估计房产所损失的价值，包括房产的所有贬值。
 Basic Steps in Cost Approach
成本估价法的基本步骤
• Subtract the accumulated depreciation from the
estimated new cost of the structure.
从估计的房产新价值中减去累积的贬值。

• Add estimated land value to the depreciated cost value

of the structure to obtain the value of the parcel.
将贬值后的房产价值加上估计的土地价值，即得到房地产
的总价值。
 Value the Land 土地的评估

• Identify recent sales of similar or competitive land

parcels in the same general area.
寻找在同一区域内类似土地的销售情况。

• Calculate sales price per acre, hectare, or square meter

across comparable transactions.
计算所有可比的交易其每英亩或每公顷或每平方米的销售
价格。
 Value the Land 土地的评估

• Adjust to the subject parcel for dissimilar features that

influence value – size, shape, location, accessibility,
topography, date of sale, use potential.
结合目标房产与其他房产相异的与价值有关特点－例如大
小，形状，位置，可达性，地形，销售日期，潜在使用性。

• For mass appraisal, establish land value zones. Land

valuation may be open to public scrutiny and discussion.
在批量评估中建立土地价值区域，使得土地价值可以受到
公众的监督和讨论。
 Costs to Estimate 待估计的成本

• Estimate includes all costs, direct and indirect, of constructing

the structure and making it available to the buyer.
估计包括所有直接和间接的成本，建造建筑物以及交易成本。

• Direct Costs: materials, labor, supervision, equipment rentals,

utilities used in construction.
直接成本：材料，人力，监督，租用设备，建造中消耗的水电。

• Indirect Costs: fees paid for architectural and engineering

services, permits, insurance, taxes incurred during construction,
advertising and sales expense, overhead, and reasonable profit
to builder.
间接成本：建筑和工程服务费用，许可证，保险，建造过程中的
报销费，广告和销售成本，企业管理费，建造者合理的利润。
 Costs to Estimate 待估计的成本

• Costs should be estimated for local market conditions

and for the current time period. National or regional cost
schedules must be adjusted for local circumstances and
old schedules must be adjusted for inflation if the
appraisal is to approximate market value of properties.

估计成本应该考虑到当地当时的市场情况。全国性或区域
性的成本进度表必须根据当地环境调整；如果评估是为了
估计房产的市场价值，陈旧的进度表必须根据通货膨胀调
整。
Construction Cost Estimates: Replacement
or Reproduction 建造成本估计：置换或复制
• Replacement Cost: The cost of constructing a building
having similar utility to the subject structure using current
materials, design, and standards at current prices. The
estimate may ignore the cost of structural elements
(design, materials, building techniques, etc.) with no
current utility. 置换成本：建造具有类似效用的建筑所需
要的花费，包括使用当前价格的材料，设计，标准。
• Reproduction Cost: The cost of building an exact replica
of the structure at current prices. Depreciation
adjustments will deal with elements of the structure that
lack utility. 复制成本：采用当前价格建造和目标建筑完
全一样的复制品所需的成本。贬值的调整涉及缺少效用的
结构元素。
Construction Cost Estimates: Replacement
or Reproduction 建造成本估计：置换或复制
• Both approaches attempt to estimate typical costs
because actual costs are subject to great unpredictability.
Cost estimation is not exact.
这两种方法都试图估计典型的成本，因为真实成本很容易
受不确定性影响。成本估计并不是准确估计。

• Mass Appraisal usually uses replacement cost to reduce

need for adjustments and details.
批量评估通常使用置换成本，从而减少调整和细节的必要
性。
 Cost Estimation Approaches: Quantity
Survey 成本估价法：定量调查
• Complete itemization of all construction, labor, and materials
costs for all components of the structure plus all indirect costs.
完整的逐条登记所有建造、人力、和材料的成本，涉及建筑的所
有成分以及所有间接成本。

• Detailed, time consuming, and specific to the particular structure.

对特定建筑是细节化的，耗时的和明确的。

• In tax appraisal work, primarily used for large, special purpose

properties, to provide benchmark data for development of local
cost schedules and indices, and for appraisal appeals.
在税务评估工作中，这种方法主要用于大型有特殊用途的房地产，
从而提供基本数据服务于当地成本进度表和指标，以及评估的上
诉。
 Cost Estimation Approaches: Unit-in-Place
Method 成本估价法：单位法
• Segregates construction costs by individual structural
components of the building: foundations, floors, roofing,
electrical systems, walls, partitions, etc.
建筑成本可以被单独的结构成分分离为：地基，铺地，房顶，电
力系统，墙面，分隔等等。

• Estimates unit cost for each component in the structure and

multiplies by number of units, e.g., square meters of floor
structure times square meters in the building.
估计结构中每个成分的单位成本并乘以单位数，例如，单位铺地
结构的平方米数乘以建筑物的平方米数。
• Adds cost of each component and adds indirect cost
percentage to obtain total cost estimate.
累加每个成分的成本，并加上间接成本的百分比得到总成本估计
值。
Cost Estimation Approaches: Unit-in-Place
Method 成本估价法：单位法
• Unit in place cost factors presented in cost manuals
developed by engineers, architects, builders, and
accountants.
单位成本涉及的因素可以在由工程师、建筑师、建造者和
会计师撰写的成本手册中查到。

• Tax appraisers may use the approach for unusual or

special purpose structures or for assessment appeals.
估税员可以用这种方法评估不寻常或特殊目的的建筑，或
用于评估上诉。
 Cost Estimation Approaches: Comparative
Unit Method 成本估价法：单位比较方法
• Most widely used cost approach in mass appraisal.
批量评估中最广泛使用的成本估计方法。

• Develops total cost, including both direct and indirect

cost, per unit (square or cubic meter) for base structures
of particular type (residences, warehouses, apartment
buildings, etc.; one story, two story, or more; masonry or
frame; etc.)
获得总体成本，包括直接和间接成本，具体到每种基本结
构的特定类型（住房，库房，公寓楼，等等；单层，双层
或多层；砖体或杠架结构；等等）的每个单位（平方米或
立方米）。
 Cost Estimation Approaches: Comparative
Unit Method 成本估价法：单位比较方法
• Estimates base cost for the particular structure from its
size and the unit cost.
从特定结构的大小和单位成本估计得其基本成本。

• Adds extra fixture costs to the base unit (extra plumbing

fixtures, heating, cooling, etc.).
将额外装置成本添加到基本单位成本上（额外排水装置，
供暖，冷却装置等）。
 Cost Estimation Approaches: Comparative
Unit Method 成本估价法：单位比较方法
• Adjusts base cost for material quality, workmanship,
style (i.e., construction grades) to obtain Reproduction
Cost New .
根据材料质量，工匠手艺，式样（例如建造等级）调整基
本成本，从而得到新的复制成本。

• Costing can be reduced to formulas and tables for ease

in application – approach consists of coefficient
adjustments to structure size with each adjustment
reflecting a feature that influences cost.
成本估计可以被归纳成公式和表格，以便于其应用－－这
种方法包括根据建筑大小的系数调整，每一步调整都反映
了与成本有关的特征的变化。
 Cost Estimation Approaches: Trended
Original Cost 成本估价法：原始成本趋势法
• Applicable to individual structures.
对单个建筑具有应用性。

• Adjusts the original or historical cost of constructing the

structure for changes in construction costs since it was built.
结合建造以来的成本变化调整原始或历史成本。

• May be used in appraisal for large unique industrial properties

or for verification of reproduction cost estimates derived by
other approaches.
可以被用于评估大型独特的工业房产，或用于确认其他方法获
得的复制成本估计值。

• Seldom applicable in mass appraisal.

很少用于批量评估。
 Estimate Accumulated Depreciation
估计累积贬值
• Adjust replacement or reproduction cost of the new
structure for loss in value from all causes.
根据各种原因造成的贬值调整新建筑的置换成本或复制成
本。

• Depreciation from Physical Deterioration: loss in value

from wear and tear, negligence, and forces of nature.
Usually estimated according to age of the structure.
物理老化造成的贬值：由磨损、疏忽、自然影响力造成的
价值损失。通常依据建造年代估计。
 Estimate Accumulated Depreciation
估计累积贬值
• Depreciation from Functional Obsolescence: loss in value
from failure to perform its function fully because of poor
design, demand, or out-of-date technology. May involve
deficiency, need for modernization, or superadequacy.
功能荒废造成的贬值：由于粗劣设计、需求或过时技术造成
功能未尽其用而引起的价值损失。可能涉及改善不足、需要
现代化改造或物资高度充足化。

• Depreciation from Economic Obsolescence: loss in value

because of external forces, including negative
environmental influences, changes in neighborhood social
or economic factors, etc.
由经济荒废造成的贬值：由于外部力量造成的贬值，包括负
性环境影响，小区社会或经济因素变动等等。
 Calculating the Appraised Value
计算评估价值
• Calculate the value of the improvement by subtracting
accumulated depreciation from estimated new cost.
从估计的新成本中减去累积折旧费，从而计算得房产的价
值。

• Add value of the improvement to value of the land to

obtain value of the property parcel.
将房产价值加上土地价值，得到房地产价值。

• Resulting total value should be tested according to

conditions prevailing in the local real estate markets.
得到的总价值应当根据当地房地产市场上流行的条件进行
检验。
 Strengths of Cost Approach
成本估价法的优势
• Wide applicability
广泛的应用性

• Usefulness when market data are scarce

市场数据缺乏时的有用性

• Easy transition from tax based on physical units

很容易从基于现状单元的税收中进行转换

• Broad public acceptance

广泛的公众认同