A property was valued using the income capitalization approach. If the property taxes increase by $1,000 with all other factors remaining the same, the property value will:
a. increase by an amount more than the property tax increase
b. increase by an amount equal to the property tax increase
c. decrease by an amount more than the property tax increase
d. decrease by an amount equal to the property tax increase
Answer: c. decrease by an amount more than the property tax increase
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