Property Valuation
What is 'value in use' versus 'value in exchange' in Kansas appraisal theory?
AThey are identical concepts
BValue in use is the value to a specific user for a specific purpose; value in exchange (market value) is the price in a competitive market between willing buyers and sellers✓ Correct
CValue in exchange is used for tax assessments; value in use for appraisals
DValue in use is always higher than market value
Explanation
Value in use reflects what the property is worth to a particular owner for their specific use, which may differ from market value. Value in exchange (market value) is the price achievable in an open, competitive market — the standard for most Kansas appraisals.
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