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A technique used to find property value in the income approach when the value of the building and net operating income are known. The income attributable to the building is subtracted from the net operating income to find the income attributable to the land. This figure is then capitalized and added to the building value to find the total property value.
The capitalization rate used to estimate the resale price for a property at the end of a holding period; it equals the estimated net operating income at the time of sale (or one year after the year of sale) divided by the sales price. The NOT for the year following the year of sale is often used when estimating value with a terminal capitalization rate because this is the first year of NOT for the buyer.
The current worth of a payment or payments based on the time value of money; future payments are discounted to an equivalent current value by a discount rate based on the premise that cash flows received sooner are more valuable than cash flows received later.
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