Property Valuation
Which approach is typically used to value a new special-purpose property, such as a Missouri fire station?
ASales comparison approach
BIncome capitalization approach
CCost approach✓ Correct
DGross rent multiplier approach
Explanation
Special-purpose properties (fire stations, churches, schools) have few comparable sales and generate no typical rental income. The cost approach is most applicable because it estimates what it would cost to replace the building.
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