Do you take income taxes into account when valuing property?

[Donald Hruska]

I've been valuing multi family property based on cash-on-cash return (yearly income after mortgage payments, property taxes, maintenance, vacancy, insurance over upfront cash i.e. down payment and closing costs) and cap rate. Something I'm realizing is that this doesn't take into account income taxes. Is calculating cash on cash return like this inaccurate?