In determining the value or market value of an investment in or on real estate or an improvement to real estate by a carrier authorized to engage in business in this state, the department, in administering this code, may consider any factor or matter that the department considers proper and material, including:

1. (1) an appraisal by a real estate board or other qualified person;
2. (2) an affidavit by another person familiar with those values;
3. (3) a tax valuation;
4. (4) the cost of acquisition after deducting for depreciation and obsolescence;
5. (5) the cost of replacement;
6. (6) sales of other comparable property;
7. (7) enhancement in value from any cause;
8. (8) income received or to be received; and
9. (9) any improvements made.

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.