A Building Permit is an approval issued by a local planning authority granted for the construction of buildings or structure detailing the building code the development should comply with. A Building Permit covers items such as the building’s zoning, structural stability, fire resistance, weather resistance, etc. A Building Permit qualifies as an intangible asset because it is identifiable and the associated potential economic benefits can be accurately measured separately from the tangible assets. Intangible assets are a class of assets without physical form (such as buildings and equipment) which generate economic benefits to the owners. To estimate the fair market value of a building permit, business valuators apply techniques under the market, asset and income valuation methods.