The Art of Property Valuation: Why Determining Value is More Complex Than You Think

This seems to create a precedent for the state of New York to inject itself into the process of property valuation for sales and loans when the process of valuing property is much more art than science Here's a simple example of why value is so difficult to determine Let's look at a simple bottle of water If you buy it in a package on a shelf that bottle might be worth 50 cents If it's in a refrigerated case it might be worth 2 dollars If it's in a nightclub or on an airplane it might be worth as much as 6 dollars but it's the same bottle of water