For which type of property is the cost method of appraisal most likely to be used?

The cost method of appraisal is most likely to be used for specialized properties, such as a church, because this method focuses on determining the value of a property based on the cost to replace or reproduce the building, less depreciation. Churches and similar types of properties often have unique features and purposes that do not easily compare to other properties in the market.

In the case of a church, the income or sales comparison approaches may not be as applicable due to the lack of comparable properties and income generated from these facilities. Therefore, the cost method provides a more accurate reflection of value by considering the costs associated with construction, materials, and the specific needs of the property type. It is particularly useful when determining the value of facilities that have limited market activity or less comparable sales data, making it a preferred approach in such scenarios.

This method is less commonly used for more standard properties, like single-family homes or apartment buildings, where the sales comparison approach is typically more relevant. Land is usually valued based on the potential it holds, which can also be assessed using the sales comparison approach or the income method, while churches inherently require unique considerations that the cost method aptly addresses.