64:04:04:05Functional

and external obsolescence allowances. Functional and external obsolescence allowances must be estimated by analyzing the market value using the income or sales comparison approaches. The estimate of value obtained by either approach, when compared to the value obtained by the cost approach, indicates the degree of obsolescence present.

Source: 4 SDR 5, effective August 7, 1977; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 29 SDR 177, effective July 2, 2003; transferred from § 64:03:01:28, 47 SDR 71, effective December 10, 2020.