Which resources are typically contained in cost manuals?

Cost manuals are essential tools used in property appraisal and assessment, particularly for estimating the replacement costs of real estate. Replacement cost tables are included in these manuals as they provide a detailed breakdown of the costs associated with constructing or replacing various components of a property. These tables help assessors evaluate the current cost to replace a property with one of similar utility and functionality.

Depreciation schedules are another critical component found in cost manuals. They outline how the value of a property decreases over time due to factors such as wear and tear, obsolescence, and changes in market conditions. By providing methods to calculate depreciation, these schedules enable assessors to determine the appropriate value adjustments necessary for appraisals based on the age and condition of properties.

The combination of replacement cost tables and depreciation schedules equips appraisers with the necessary data to derive realistic and justifiable property valuations, aligning with industry standards and practices. Therefore, their presence in cost manuals underpins the accuracy and reliability of property assessments.