[dragonwriter]

The page linked indicates neither that the market approach is used only for residential properties nor that a comparable use method is used for industrial/commercial properties (in fact, it explicitly says that a cost based approach is used for some industrial properties.)

The closest thing to a comparable use method listed on the page is a rental-based method, for which the example given is residential.

I'm not saying you are wrong, but your claim is certainly not supported by the only authority cited in the thread.

[gamblor956]

Well, I am saying you are wrong, and quite specifically saying that the authority cited earlier says that the Cost Method (#2) based on comparable uses is used for industrial sites.

The Cost Method entails: - assessor calculates the cost to replace a structure with a similar one using today's labor and material prices - subtract depreciation - add the market value of the land - used to value industrial, special purpose and utility properties

This is not a rental-based method. #3 (Income-based) is a rental-based method, and is used for residential and commercial non-industrial (i.e., retail or office) sites.

The property mentioned in the NYT article is currently an industrial site and would be governed by method #2: replacing the current factory with a similar facility (i.e., comparable use) based on today's costs.