Property Valuation
In Tennessee, which approach to value is most commonly used for single-family residential properties?
ACost approach
BIncome approach
CSales comparison approach✓ Correct
DSummation approach
Explanation
The sales comparison (market data) approach is most commonly used and most reliable for single-family residential properties, where sufficient comparable sales data is typically available.
Related Tennessee Property Valuation Questions
- A Chattanooga home's market value is $275,000. The replacement cost of improvements is $230,000, the lot value is $55,000, and total depreciation is $30,000. What is the cost approach value?
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