Which methodology is commonly used in the assessment of real property values?

The selection of "All of the above" as the correct answer reflects the comprehensive nature of real property valuation methodologies in the assessment process. Each methodology serves unique purposes and is advantageous in different contexts.

The cost approach is particularly useful when valuing new constructions or properties with few comparables. It estimates value based on the cost to replace or reproduce the property, accounting for depreciation and land value.

The income approach focuses on properties that generate income, such as rental or investment properties. This approach bases value on the property's ability to produce cash flows, applying capitalization rates and rental income to determine market value.

The sales comparison approach relies on recent sales of comparable properties to inform the value of the subject property. It is often favored for residential properties since it reflects current market conditions and buyer preferences.

Each method can be utilized alone or in combination to arrive at the most accurate assessment of a property's value, thereby making "All of the above" the most inclusive and accurate choice. This versatility underscores why these methodologies are all essential tools in the field of property assessment.