Four techniques exist to value your property. These are

• Cost approach
• Comparable sales approach
• Income approach

First, calculate the area of the land. Then calculate in dollars the cost of building a new house or building there exactly as the present one. Then figure out the depreciation by knowing the deterioration of the building. You may do it in percentage, say 5%, 10%, etc. Alternatively, you may find the costs of replacing or repairing all the stuff so that it looks new. Then deduct this amount from the cost of building, and add some profit.

Comparable Sales Approach

Find similar land sales in nearby localities, take the average price, and find the average price considering the area of the property to be valued. Now add or subtract the components you think are inferior or superior to other properties.

Income Approach

It uses gross rent multiplier method. Formula for the same is-GRM=Sales Price/Monthly Rent.