Property Valuation
A Kentucky appraiser is asked to appraise a church building. The most appropriate valuation approach is likely:
AIncome approach
BSales comparison approach
CCost approach due to the limited comparable sales for special-purpose properties✓ Correct
DGross rent multiplier approach
Explanation
Church buildings are special-purpose properties with few comparable sales and little income-producing function. The cost approach is typically the most applicable and reliable method for valuing such properties.
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