Property Valuation
A Kentucky appraiser is asked to value a Lexington tobacco farm. The most appropriate valuation approach would be:
ACost approach only
BSales comparison approach using comparable farm sales and possibly the income approach✓ Correct
CIncome approach only
DThe PVA's current assessment
Explanation
For agricultural land like a tobacco farm, the sales comparison approach using comparable farm sales is primary. The income approach may also be used to analyze the farm's earning capacity.
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