Property Valuation
The principle of substitution in Kentucky property valuation states:
AAn owner can substitute one property for another without tax consequences
BA buyer will not pay more for a property than the cost of an equally desirable substitute✓ Correct
CLenders can substitute one appraisal for another
DOne comparable sale can substitute for three sales
Explanation
The principle of substitution states that a prudent buyer will not pay more for a property than the cost of acquiring an equally desirable substitute property.
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