Property Valuation
An Illinois appraiser is valuing a special-use property like a church. Which approach to value is typically MOST appropriate?
ASales comparison approach
BIncome capitalization approach
CCost approach✓ Correct
DGross rent multiplier approach
Explanation
The cost approach is typically most appropriate for special-use properties like churches, schools, and government buildings because there are few comparable sales and the properties typically don't generate rental income. The cost approach estimates value based on the cost to reproduce or replace the improvements, minus depreciation, plus land value.
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