Regulations on Real Estate Appraisal Article 46
Built-up property income value is estimated according to the following calculations:Built-up property income value = built-up property net operating income / built-up property capitalization rateBuilt-up property capitalization rate could be estimated, in addition to specification in Article 43, according to the following formula:1. With deduction of recapture allowance from net operating income:Built-up property capitalization rate = land capitalization rate x land value ratio + building capitalization rate or discount rate x building value ratio2. Without deduction of recapture allowance from net operating income:Built-up property capitalization rate = land capitalization rate x land value ratio + (building capitalization rate+ the future recapture rate based upon the value on the date of value opinion) x building value ratioDetermination of land value ratio and building value ratio mentioned in the preceding paragraph should take into consideration the analysis of data collected from the local property market or the result of other appraisal approaches.
中文原文 不動產估價技術規則第46條
推算房地收益價格時，依下列方式計算之：房地收益價格＝房地淨收益／房地綜合收益資本化率房地綜合收益資本化率除依第四十三條決定外，亦得依下列計算式求取之：
一、淨收益已扣除折舊提存費者：房地綜合收益資本化率＝土地收益資本化率×土地價值比率＋建物收益資本化率×建物價值比率二、淨收益未扣除折舊提存費者：房地綜合收益資本化率＝土地收益資本化率×土地價值比率＋（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）×建物價值比率前項土地價值比率及建物價值比率，應參酌當地市場調查資料，運用估價方法計算之。
一、淨收益已扣除折舊提存費者：房地綜合收益資本化率＝土地收益資本化率×土地價值比率＋建物收益資本化率×建物價值比率二、淨收益未扣除折舊提存費者：房地綜合收益資本化率＝土地收益資本化率×土地價值比率＋（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）×建物價值比率前項土地價值比率及建物價值比率，應參酌當地市場調查資料，運用估價方法計算之。