Which of the following is NOT a generally accepted method of estimating land value?

The substitution method, while it may be used in the context of determining property values, is not typically classified as a standalone method for estimating land value in the same way as the other approaches listed.

The cost approach involves determining the value of land by assessing the cost of replacing the property, minus depreciation. The market comparison approach estimates land value by comparing similar properties that have recently sold in the area, providing a tangible basis for valuation based on real-world transactions. The income approach assesses property value based on the income that can be generated, which is particularly relevant for investment properties or rental land.

The substitution method is more of a principle used to support the other methods rather than a distinct, recognized approach. It suggests that a prudent buyer would not pay more for a property than the cost of acquiring an equally desirable substitute property. Thus, it functions within the context of market analysis but does not serve as an independent method of land valuation on its own.