Land Use & Zoning
In Wyoming, a 'special purpose property' such as a church, school, or grain elevator presents appraisal challenges because:
AThese properties always have the highest values
BThey often have limited comparable sales, making the sales comparison approach difficult✓ Correct
CWyoming law prohibits their appraisal
DThey are exempt from all zoning requirements
Explanation
Special purpose properties have limited comparable sales because they are unique and not frequently traded in the open market. Appraisers typically rely more on the cost approach for these properties, supplemented by income analysis where applicable.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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