Commercial property can be valued much the same as residential. However, most commercial property in Campbell County is valued using the cost approach because of the limited number of commercial sales. The cost approach involves estimating the replacement cost of a structure and adjusting that estimate to account for depreciation. One more approach often used in commercial valuation is the income approach. We rarely use this approach because it is difficult to gather the necessary data. This approach is based on a property’s ability to produce income for the owner. A mathematical formula is used to convert the income or potential income into market value. The most common properties this can be used on are rental properties.
Refer to Wyoming Constitution Article 15 Section 11; And Wyoming Statute 39-13-103, 34-1-142, 34-1-143, 34-1-144
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