Land value estimates by the abstraction method routinely are just as accurate as those arrived at by the market method.

Question

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The abstraction method involves estimating the land value based on the value of the improvements made to the property, while the market method involves comparing the property to similar properties in the area that have recently sold. The market method is generally considered more accurate because it takes into account the supply and demand of the real estate market, whereas the abstraction method is more subjective and can be influenced by factors such as depreciation and obsolescence.

Land Value Estimates by the Abstraction Method Routinely Are Just