What method compares a subject property against comparable vacant parcels that have recently sold?

The Direct Sales Comparison Method is the correct approach for comparing a subject property against recently sold comparable vacant parcels. This method involves analyzing the sale prices of similar properties to estimate the market value of the subject property. By examining various attributes such as location, size, and amenities of comparable properties, the assessor can make informed adjustments to account for differences between those properties and the subject property.

This method relies heavily on factual market data and ensures that the valuation is aligned with current market trends. It is especially effective in assessing the value of vacant land since it directly utilizes sales data from similar properties that have recently transitioned to new ownership.

In contrast, the Direct Income Approach focuses on the income-generating potential of a property, typically used for investment or rental properties rather than vacant parcels. The Cost Approach estimates the value based on the cost to replace or reproduce the property minus depreciation, which is not the primary concern when dealing with undeveloped land. While the Sales Comparison Method sounds similar and is often used interchangeably with the Direct Sales Comparison Method, it typically encompasses a broader application beyond just vacant parcels. Thus, for the specific task of assessing the value of vacant land by comparing it with comparable parcels that have sold recently, the Direct Sales Comparison Method stands out as the