Property Valuation
In South Dakota, the 'principle of progression' in real estate valuation means:
AProperty values always increase over time
BA lower-value property benefits from being located among higher-value properties✓ Correct
CProperty improvements always add more value than they cost
DPrices always progress upward in established neighborhoods
Explanation
The principle of progression states that the value of a lesser property is enhanced by being in proximity to higher-value properties. For example, the smallest house in an upscale neighborhood tends to be worth more than it would be in a neighborhood of similar-sized homes.
Related South Dakota Property Valuation Questions
- In South Dakota, which characteristic of value is described as the ability of a property to satisfy human needs and desires?
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