What type of appraisal method focuses on the cost to replace or reproduce a property?

The method that centers on the cost to replace or reproduce a property is the cost approach. This approach involves estimating the current cost of building a similar property (or reproducing the exact one) and then deducting depreciation to reflect the property's current value. This technique is particularly useful for properties that do not frequently sell in the market, such as unique or specialized properties, and it allows for an assessment based on the actual physical attributes and improvements of the property rather than on market transactions or income generation.

In contrast, the income approach primarily considers the potential revenue generated by the property, evaluating investment value based on income potential rather than replacement cost. The market approach, also sometimes referred to as the sales comparison approach, assesses property value based on the sale prices of comparable properties in the area, rather than the cost of replacement or reproduction.