Property Valuation
A South Carolina appraiser uses the cost approach. The replacement cost new is $300,000, and total depreciation is $60,000. The land value is $50,000. What is the indicated value?
A$240,000
B$290,000✓ Correct
C$310,000
D$350,000
Explanation
Cost approach value = Replacement Cost New − Total Depreciation + Land Value. $300,000 − $60,000 + $50,000 = $290,000.
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