Final answer:
The Cost Approach is the most effective appraisal method for a church, considering its unique nature and non-profit status. It calculates the cost to replace the property with a new one and takes into account land value and depreciation.
Step-by-step explanation:
The most effective appraisal method to use when appraising a church would be the Cost Approach. This method is particularly effective for special-purpose or unique properties that don't generate income and for which there are no comparables in the market. Since churches are typically non-profit, the Income Approach would be less relevant, and while the Market Approach relies on comparable sales, they may be hard to find for such unique properties. Instead, the Cost Approach estimates the cost to replace or reproduce the property with a new one, which matches the uniqueness of a church.
In the Cost Approach, factors to consider include the current cost of constructing a similar building, the value of the land, and any depreciation that has occurred since the church was built. This method aligns with assessing the highest and best use of the property, which is a concept used to determine the most profitable use of the property, but in the case of a church, the best use can be more about community or spiritual value rather than economic profit.