Which method determines property value based on the base rate and number of units or acres?

The method that determines property value based on the base rate and the number of units or acres is the Lot and Acre method. This approach is commonly used when appraising vacant land or properties that can be broken down into smaller units, such as residential lots or agricultural parcels. By applying a set base rate to the total number of acres or lots, the appraiser can quickly estimate the value of the property.

The relevance of the base rate is crucial because it reflects the value per acre or per unit based on the local real estate market dynamics. This methodology relies heavily on understanding what similar properties have sold for in the vicinity, which can be informed by past sales data and trends.

In contrast, other methods like the Square Foot Method focus mainly on the overall living space of homes rather than land area, while the Cost approach factors in the cost to replace or reproduce the building, not primarily addressing unit counts or land size. The Market Comparison method analyzes comparable sales but does not typically use a flat rate applied to units or acres in the same way as the Lot and Acre method does.