Property Valuation
In New York, the 'income approach' to appraisal is most relevant for which type of property?
ASingle-family owner-occupied homes
BVacant land intended for future development
CIncome-producing properties such as apartment buildings, retail centers, and office buildings✓ Correct
DNew construction where actual costs are known
Explanation
The income approach to appraisal is most appropriate for income-producing properties, where investors' primary motivation is the income stream the property generates. It is the primary approach for apartment buildings, commercial properties, and other investment real estate in New York.
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