Yeah, I'm not set in concrete here.
This is what I see:
- The value of a building or structure shall be the estimated cost of constructing a new building of like design, size, and materials...
So, we are going to build a new building. Like (similar) design which would include designs that are functionally impaired or superadequate. We are going to build it at the same size and of "like materials" (not what is standard for today, but like materials of what exists).
- at the site of the original structure, assuming such site to be clear. Cost of additions, additions or repairs shall be constructed as the total cost of labor, material and services based on current prices for new materials.
I read this to be the current price of new materials, but not different materials. The current cost of the new materials that are "like" to what existed.
Here's Reproduction Cost & Replacement Cost definitions from the Dictionary of Real Estate Appraisal (so we all have a common reference):
Reproduction Cost: The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design and embodiying all the deficiencies, superadequacies, and obsolescence of the subject building.
Replacement Cost: The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current standards, design, and layout.
Florida Code:
Value Determination - The value of a building or structure shall be the estimated cost of constructing a new building of like design, size, and materials at the site of the original structure, assuming such site to be clear. Cost of additions, additions or repairs shall be constructed as the total cost of labor, material and services based on current prices for new materials.
The Florida code sounds closer to Reproduction Cost than Replacement Cost to me.
"LIke":
View attachment 29636
But someone could change my mind!