The cost approach relies for its justification upon the “principle of substitution’ which states that the purchaser of a property will not pay more for it than it would cost to provide an alternative property of similar functional utility. An assessor ‘s valuation needs to address the following question: How much would it cost to replace the existing property with an equally desirable and functional alternative? This requires an understanding of the cost to replace the functionality and utility of the property. In this webinar, the presenters will discuss this important issue, share their experiences in dealing with properties and the identification and analysis of function and utility of the cost approach