Regulations on Real Estate Appraisal Article 45
Building income value is estimated according to the following calculations:1. With deduction of recapture allowance from net operating income:Building income value = building net operating income / building capitalization rateBuilding income value = (built-up property net operating income-land net operating income) / building capitalization rate2. Without deduction of recapture allowance from net operating income:Building income value = building net operating income prior to recapture deduction / (building capitalization rate + the future recapture rate based upon the value on the date of value opinion)Building income value = (built-up property net operating income prior to recapture allowance - land net operating income) / (building capitalization rate or discount rate+ the future recapture rate based upon the value on the date of value opinion)Land net operating income stated in the above paragraph may be calculated by estimation of land value through sales comparison approach multiplied by land capitalization rate.
中文原文 不動產估價技術規則第45條
建物收益價格依下列計算式求取之：
一、淨收益已扣除折舊提存費者：
（一）建物收益價格＝建物淨收益／建物收益資本化率（二）建物收益價格＝（房地淨收益－土地淨收益）／建物收益資本化率二、淨收益未扣除折舊提存費者：
（一）建物收益價格＝建物折舊前淨收益／（建物收益資本化率＋建物價格日期當時價值未來每年折舊提存率）（二）建物收益價格＝（房地折舊前淨收益－土地淨收益）／（建物收益資本化率＋建物價格日期當時價值未來每年折舊提存率）前項土地淨收益，得先以比較法求取土地比較價格後，再乘以土地收益資本化率得之。
一、淨收益已扣除折舊提存費者：
（一）建物收益價格＝建物淨收益／建物收益資本化率（二）建物收益價格＝（房地淨收益－土地淨收益）／建物收益資本化率二、淨收益未扣除折舊提存費者：
（一）建物收益價格＝建物折舊前淨收益／（建物收益資本化率＋建物價格日期當時價值未來每年折舊提存率）（二）建物收益價格＝（房地折舊前淨收益－土地淨收益）／（建物收益資本化率＋建物價格日期當時價值未來每年折舊提存率）前項土地淨收益，得先以比較法求取土地比較價格後，再乘以土地收益資本化率得之。