Property Valuation
In New York, the 'market approach' to value is based on the economic principle of:
AAnticipation
BSubstitution✓ Correct
CContribution
DChange
Explanation
The market (sales comparison) approach is grounded in the principle of substitution: a buyer will pay no more for a property than the cost of acquiring a similar substitute property in the market.
Related New York Property Valuation Questions
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