Which types of personal property are typically valued using the market approach?

The market approach primarily focuses on comparing similar assets to determine their value based on what similar items have sold for in the marketplace. This method is particularly effective for personal property types where there exists a robust market with adequate sales data.

Boats and aircraft are ideal candidates for valuation using the market approach because there are often numerous transactions that can be analyzed for similar models and conditions. The market data for these items can provide specific insights into their current value based on sales of comparable boats or aircraft, making it easier to determine a fair market value.

In contrast, other options like antiques and collectibles may also use the market approach, but they often require more subjective assessments due to the unique nature of each item and the variability in market demand. Land improvements usually rely on cost or income approaches rather than market comparisons. Income-generating properties are assessed more accurately through income approaches that consider the revenue they produce, rather than direct market comparisons.

Thus, the valuation of boats and aircraft through the market approach is substantiated by the presence of comparable sales data, making it the most fitting choice in this context.