Property Valuation
A West Virginia commercial building has a replacement cost new of $500,000 and an estimated 25% total depreciation. The land is valued at $100,000. What is the total value using the cost approach?
A$375,000
B$475,000✓ Correct
C$400,000
D$450,000
Explanation
Depreciated building value = $500,000 x (1 - 0.25) = $500,000 x 0.
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