RTC §401.6: (a) In any case in which the cost approach method is used to value special use property for purposes of taxation, the assessor shall not add a component for entrepreneurial profit unless he or she has

(a) In any case in which the cost approach method is used to value special use property for purposes of taxation, the assessor shall not add a component for entrepreneurial profit unless he or she has market-derived evidence that entrepreneurial profit exists and has not been fully offset by physical deterioration or economic obsolescence. (b) For purposes of this section: (1) “Entrepreneurial profit” means either of the following: (A) The amount a developer would expect to recover with respect to a property in excess of the amount of the developer’s costs incurred with respect to that property. (B) The difference between the fair market value of a property and the total costs incurred with respect to that property. (2) “Total costs” means both direct costs of construction, including, but not limited to, the costs of land, building materials, and labor, and indirect costs of construction, including, but not limited to, the costs of construction capital and permit fees. (3) “Special use property” means a limited market property with a unique physical design, special construction materials, or a layout that restricts its utility to the use for which it was built.