Which line item in the Cost Approach section in the URAR form is used to capture the appraiser's opinion of value for the property?

In the Cost Approach section of the URAR form, the line item that captures the appraiser's opinion of value for the property is the indicated value by the Cost Approach. This line item represents the final value derived from the calculations and adjustments made in the Cost Approach process, which includes estimating the cost of improvements, accounting for depreciation, and adding the value of the land or site.

This value reflects the appraiser's judgment based on the methodology used to analyze the costs associated with constructing a similar property and recognizes any physical or functional obsolescence that may affect the property's value. It synthesizes all the components of the Cost Approach into a single, conclusive estimate which is essential for determining the overall market value of the property.

The other line items, although relevant to the calculation process, do not represent the appraiser's final opinion of value. For instance, the depreciated cost of improvements focuses specifically on the structure's value after considering wear and tear rather than the property's total value. Similarly, the opinion of site value looks solely at the land, and the total estimate of cost-new calculates the cost to replace the entire property without adjustments for depreciation. Thus, the indicated value by the Cost Approach is the comprehensive figure representing the appraiser's