Three approaches to value
Another approach is the cost approach. How much would a property cost to replace or rebuild minus any depreciation that has occurred since the property actually was built? The cost approach includes concepts like "economic life" and "effective age" that are mostly of use in developing a value for new construction properties, special use properties, special purpose properties or properties where subsequent structural improvements greatly impact value.
The third approach to value is the income approach. Some properties generate income for their owners -- the most obvious examples being rental properties such as apartment buildings, non owner-occupied houses and duplexes and the like. The rental income an owner might reasonably expect from a property is part of its value. For a purely owner-occupied residential property, this may not be applicable, but it can be important if the property is to be rented out or used otherwise to generate income, such as a storage facility, cell tower rental or office building.