1.6. The Reconciliation Process and Final Opinion of Value. A critical part of developing an appraisal under these Standards and forming a final opinion of market value is the reconciliation process. This process requires a careful examination of the factual data about the subject property and the market. The highest and best use and larger parcel analyses are considered in light of the factual data to ensure consistency and accuracy. All of the supporting data for each of the approaches to value is examined for consistency and accuracy with the subject property and market data as well as the highest and best use and larger parcel analyses. For example, if both the sales comparison and income capitalization approaches were developed, the appraiser should examine the adjustment processes in both approaches to ensure that adjustments for location and other physical characteristics of the subject property were consistently applied in both. 

Each of the approaches to value developed in the analysis are examined for the quality and extent of the supporting data. In the sales comparison approach, the appraiser should consider the proximity in time and location of the sales to the subject property. The level of market support for the adjustment process and the number and size of the adjustments should also be considered. A similar analysis should be followed in the income capitalization approach. The appraiser should also evaluate the market support for estimates of vacancy, credit loss, and expenses as well as capitalization and discount rates. If the cost approach has been developed, the appraiser should consider the level of support for all of the elements of cost new, depreciation, and entrepreneurial profit. Every calculation in each approach should be double-checked for accuracy. 

The final opinion of market value should not be derived by applying a formulaic approach such as averaging the values from the various approaches developed in the appraisal. The goal is to provide the client agency and intended users with a clear, logical analysis of the results of each approach to value developed in the appraisal and the reasons for the weight given to each approach in forming a final opinion of market value.