Which of the following is NOT an element of comparison in the Market Approach?

In the Market Approach to property valuation, the purpose is to estimate the value of a property based on the sales of similar properties within the market. The comparison elements generally include factors that can affect the value of properties, such as location, physical characteristics, and the time of sale.

The sales price of the subject property is not an element of comparison; instead, it is the specific value that is being determined through the comparison process. The Market Approach involves comparing the subject property to comparable properties, known as "comps," and deriving a value based on those comparisons. The elements of comparison—location, physical characteristics, and time of sale—are used to adjust the comps to fit the subject property’s unique circumstances. Therefore, the sales price of the subject property itself does not serve as a factor for comparison but rather as the target value that the assessor seeks to establish.