Regulations on Real Estate Appraisal Article 43
A capitalization rate or discount rate should be determined from a comprehensive review of the following methods:1. Risk premium method: The fixed deposit interest rate, government bonds rate, real estate investment risk, money supply-demand variation, the trend of real estate value and etc. should be taken into consideration to decide the likely rate of return on the most common investment as a basis in order to derive the capitalization rate or discount rate. The differences of individual characteristics between the above most common investment and the subject property should be compared in terms of their liquidity, risk, appreciation, and management.2. Market extraction method: Selecting several comparable properties, which are identical with or similar to the subject property, followed by dividing their respective net operating income price and comparing the resulting to determine quotients the capitalization rate.3. Weighted average capital cost method: The formula based upon weighted average capital cost is as follows:(the formula see attached file)4. Debt coverage ratio method: The formula based upon debt coverage ratio is as follows:Capitalization rate or discount rate = debt coverage ratio x mortgage constant x the ratio of mortgaged capital to property price5. Effective gross income multiplier method: The formula based upon the due net operating income rate that is derived as the ratio of annual net operating income to annual effective total income for similar properties in the market, and based upon effective gross income multiplier that is derived as reasonable price divided by annual effective gross income is as follows:Capitalization rate or discount rate = net operating income rate / effective gross income multiplierRelevant details are required to be stated in the appraisal report shall a need arise to employ other methods than those specified in this Article to determine capitalization rate or discount rate.
中文原文 不動產估價技術規則第43條
（因條文排版無法完整呈現內容，請詳閱完整條文檔案）收益資本化率或折現率應於下列各款方法中，綜合評估最適宜之方法決定：
一、風險溢酬法：收益資本化率或折現率應考慮銀行定期存款利率、政府公債利率、不動產投資之風險性、貨幣變動狀況及不動產價格之變動趨勢等因素，選擇最具一般性財貨之投資報酬率為基準，比較觀察該投資財貨與勘估標的個別特性之差異，並就流通性、風險性、增值性及管理上之難易程度等因素加以比較決定之。
二、市場萃取法：選擇數個與勘估標的相同或相似之比較標的，以其淨收益除以價格後，以所得之商數加以比較決定之。
三、加權平均資金成本法：依加權平均資金成本方式決定，其計算式如下：n收益資本化率或折現率＝ΣWiKii=1其中：nWi：第i個資金來源占總資金成本比例，ΣWi＝1。
i=1Ki：為第i個資金來源之利率或要求報酬率。
四、債務保障比率法：依債務保障比率方式決定，其計算式如下：收益資本化率或折現率＝債務保障比率×貸款常數×貸款資金占不動產價格比率五、有效總收入乘數法：考量市場上類似不動產每年淨收益占每年有效總收入之合理淨收益率，及類似不動產合理價格除以每年有效總收入之有效總收入乘數，以下列公式計算之：收益資本化率或折現率＝淨收益率／有效總收入乘數收益資本化率或折現率之決定有採取其他方法計算之必要時，應於估價報告書中敘明。
一、風險溢酬法：收益資本化率或折現率應考慮銀行定期存款利率、政府公債利率、不動產投資之風險性、貨幣變動狀況及不動產價格之變動趨勢等因素，選擇最具一般性財貨之投資報酬率為基準，比較觀察該投資財貨與勘估標的個別特性之差異，並就流通性、風險性、增值性及管理上之難易程度等因素加以比較決定之。
二、市場萃取法：選擇數個與勘估標的相同或相似之比較標的，以其淨收益除以價格後，以所得之商數加以比較決定之。
三、加權平均資金成本法：依加權平均資金成本方式決定，其計算式如下：n收益資本化率或折現率＝ΣWiKii=1其中：nWi：第i個資金來源占總資金成本比例，ΣWi＝1。
i=1Ki：為第i個資金來源之利率或要求報酬率。
四、債務保障比率法：依債務保障比率方式決定，其計算式如下：收益資本化率或折現率＝債務保障比率×貸款常數×貸款資金占不動產價格比率五、有效總收入乘數法：考量市場上類似不動產每年淨收益占每年有效總收入之合理淨收益率，及類似不動產合理價格除以每年有效總收入之有效總收入乘數，以下列公式計算之：收益資本化率或折現率＝淨收益率／有效總收入乘數收益資本化率或折現率之決定有採取其他方法計算之必要時，應於估價報告書中敘明。