Property Valuation
A Connecticut appraiser identifies a property's highest and best use as residential development. However, the property currently has a commercial building. This means:
AThe appraiser must use the cost approach only
BThe existing use is the highest and best use until demolition and redevelopment become financially feasible✓ Correct
CThe commercial building adds no value
DThe land value is zero
Explanation
Even if the highest and best use of the land is different from the current use, the existing improvement may still add value if it continues to generate income. Demolition and conversion must be financially feasible to change the HBU.
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