Which of the following statements about cost is true?

The statement that market value is often least affected by original cost is accurate because the market value of a property is determined by what buyers are willing to pay for it, rather than what it originally cost to build or purchase. Market value takes into account various factors, including location, current market conditions, and demand, rather than strictly the historical cost of the property. Original cost might influence market perceptions to some extent, but it is not the primary determinant, especially since market conditions can change significantly after the property is purchased or constructed.

In terms of the other statements, while costs do play a role in appraisals, they do not directly dictate market value as they may not reflect current market conditions or the value buyers place on property features and location. Additionally, stating that cost is irrelevant is inaccurate as it is considered in the broader context of valuation methods. Lastly, cost encapsulates more than just production expenses; it includes various factors such as development costs, labor, materials, and additional expenses related to acquiring and maintaining the property.