Property Valuation
Which approach to value is MOST appropriate for appraising a newly constructed public library?
ASales comparison approach
BIncome approach
CCost approach✓ Correct
DGross rent multiplier approach
Explanation
The cost approach is most appropriate for special-purpose properties (like public libraries, schools, or churches) that rarely sell and do not generate income. It estimates value by calculating land value plus the replacement cost of improvements minus depreciation.
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