Property Valuation
In Kansas, the 'sales comparison approach' uses which of the following as the starting point for valuation?
AThe property's assessed value
BRecent sales of similar properties (comparables) in the same market area✓ Correct
CThe cost to replace the building
DThe income the property generates
Explanation
The sales comparison approach values a property by comparing it to recent sales of similar properties, making adjustments for differences to arrive at an indicated market value.
Related Kansas Property Valuation Questions
- In the income approach to value, what does the 'net operating income' (NOI) represent?
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