Replacement cost data -- Obsolescence

64 : 04 : 04 : 06 . Replacement cost dat a -- Obsolescence. The replacement cost must be estimated by using cost of local materials and labor and other construction items. From this cost must be deducted an estimated amount for loss in value due to wear and tear from use and the elements and any obsolescence that may occur due to changes in use, age and any other factor that may be present in the structure. For special conditions, additions and deductions must be made to estimate a fair building value.