Property Valuation
A North Dakota appraiser values a property using the cost approach. The site value is $60,000, improvement reproduction cost is $250,000, and total depreciation is $75,000. The indicated value is:
A$235,000✓ Correct
B$310,000
C$175,000
D$250,000
Explanation
Cost approach value = Site value + (Reproduction cost - Total depreciation) = $60,000 + ($250,000 - $75,000) = $60,000 + $175,000 = $235,000.
Related North Dakota Property Valuation Questions
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