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

The cost method of appraisal is particularly applicable to properties that are unique or have specific characteristics that make market comparisons difficult. A church is a prime example of such a property type. These buildings often have specialized uses and may not frequently appear in sales comparisons, making the cost approach a useful valuation method.

This method estimates the value of the property based on the cost to replace or reproduce the building, minus any depreciation. It is especially relevant for institutions like churches, which might possess distinctive architectural qualities or serve unique community functions that do not lend themselves to comparison with standard residential or commercial properties.

In contrast, other options like apartment buildings, land, and single-family homes typically have more comparable sales available, making the sales comparison approach more applicable for their valuation.