Property Valuation
In Rhode Island, an appraiser values a single-family home using the cost approach. After estimating the land value at $80,000 and the depreciated cost of improvements at $220,000, what is the indicated value?
A$280,000
B$300,000✓ Correct
C$320,000
D$340,000
Explanation
Cost approach value = Land Value + Depreciated Cost of Improvements = $80,000 + $220,000 = $300,000.
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