Commercial property is defined as a parcel of real estate used for business activities. Commercial property is often a building that houses office or retail space. It can also be land, a garage, hotel, theatre, gas station, shopping center, commercial greenhouse, or any other space with a for-profit function.
A system of mass appraisal is used to produce commercial property values by detecting local trends in property values based on the performance of their location and characteristics in the real estate market.
Commercial property assessments must account for the profitability of business operations on the premises measured against substitution and depreciation. Due to these additional factors, the commercial tax appeal process differs from the residential process.
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