The county assessor for Cuyahoga County has determined that a property located in the downtown area of Cleveland, which is currently being used as a storage facility, could be used as a casino and its revenue would be triple its current gross revenue. Suppose that the assessor has looked at comparable properties in the area and their sale prices. As a result of this study, the assessor reduced the valuation of the property by 10%. Which method of valuation is the assessor using?
A) Market approach
B) Income approach
C) Cost approach
D) Basis of the property approach
Correct Answer:
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