Which appraisal cost approach is most appropriate for valuing buildings like schools and libraries?

The most appropriate appraisal cost approach for valuing buildings like schools and libraries is the cost approach for unique properties. This method is particularly suited for properties that do not frequently change hands in the market or have a limited comparable market, which is often the case with public or institutional buildings.

The cost approach calculates the value of a property by determining the cost to replace or reproduce the building, minus any depreciation. Since schools and libraries often serve specific community needs and are not typically assessed based on income generation or extensive market sales, the cost approach allows appraisers to focus on the value of the physical structure and the land it occupies.

For unique properties like schools and libraries, the cost approach not only considers the replacement costs but also factors in the unique features and functionalities that are specific to those types of buildings, ensuring a more accurate representation of their value. Thus, when assessing properties that are essential to public service and do not generate income through traditional means, this approach is particularly effective.