Regulations on Real Estate Appraisal Article 33
Estimation and calculation of the objective net operating income of the subject property should be based on its highest and best use, and should take into account the income of neighboring similar properties based on their highest and best uses.When discounted cash flow method is adopted as the appraisal method for the purpose of real estate securitization, contract rent shall be taken to represent the net operating income over analysis periods for the subject property. This restriction does not apply if special conditions exist thus contract rent is deemed inappropriate and the conditions are detailed in the appraisal report.When the above contract rent is unknown, the market economic rent shall be used to estimate the objective operating income.
中文原文 不動產估價技術規則第33條
客觀淨收益應以勘估標的作最有效使用之客觀淨收益為基準，並參酌鄰近類似不動產在最有效使用情況下之收益推算之。
以不動產證券化為估價目的，採折現現金流量分析法估價時，各期淨收益應以勘估標的之契約租金計算為原則。
但因情況特殊不宜採契約租金估價，並於估價報告書中敘明者，不在此限。
前項契約租金未知者，應以市場經濟租金推估客觀淨收益。
以不動產證券化為估價目的，採折現現金流量分析法估價時，各期淨收益應以勘估標的之契約租金計算為原則。
但因情況特殊不宜採契約租金估價，並於估價報告書中敘明者，不在此限。
前項契約租金未知者，應以市場經濟租金推估客觀淨收益。