Property Valuation
In New Mexico, which type of appraisal approach would be most applicable for a special purpose property like a church or school?
ASales comparison approach
BCost approach✓ Correct
CIncome approach
DGross rent multiplier approach
Explanation
Special purpose properties (churches, schools, municipal buildings) have few comparable sales and don't produce investment income. The cost approach—estimating what it would cost to replace the facility—is most applicable.
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