According to the Principle of Consistent Use, how should a property's value be analyzed?

The Principle of Consistent Use asserts that properties should be valued based on the use to which they are currently being put, rather than treating components of the property as completely independent entities. Analyzing a property as an integrated unit recognizes the synergy between the land and any structures on it, indicating that they contribute to each other's overall value.

For example, a piece of land has value not only as a standalone parcel but also in conjunction with any buildings or improvements made on it, which enhance its utility and marketability. This holistic approach ensures that appraisals reflect the true value derived from the entirety of the property, taking into consideration how the land and structures work together to meet functional and economic needs.

Focusing on separate components, historical prices, or individual maximization of aspects tends to overlook this interconnectedness, potentially leading to an underestimation or overvaluation of the property as a whole. Therefore, treating the property as a cohesive entity provides a more accurate assessment of its market value.