Effective age definition

Effective age means the difference between the estimated useful life and remaining useful life.
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Effective age means the age of property that is based on the amount of observed deterioration and obsolescence it has sustained, which may be different from its chronological age. It is the age indicated by the condition and utility of a structure and is based on an appraiser’s judgment and interpretation of market perceptions. The maintenance standards of owners or occupants can influence the pace of building depreciation. If one building is better maintained than other buildings in its market area, the effective age of that building may be less than its Actual Age. If a building is poorly maintained, its effective age may be greater than its Actual Age. If a building has received typical maintenance, its effective age and Actual Age may be the same.
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Effective age means the difference between the estimated
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Examples of Effective age in a sentence

  • Effective age estimates are based on quality of construction, types of amenities, and quality of maintenance.

  • Although often farsighted and risky, the research can have high payoffs in terms of future military systems.

  • Effective age is an estimate of the physical condition of a building.

  • Effective age means the last complete renovation or replacement of the above components.

  • Effective age or economic age reflects the effects of depreciation on improvements, which are typically, reduced due to high-quality, maintenance, and in Sale #3 a major renovation.Condition / Quality of Construction: Sale #1 appears to require a “condition” adjustment due to overall age and the condition of this older residence at the time of sale.Functional Utility: Functional utility is the ability of a property to function in the marketplace.


More Definitions of Effective age

Effective age means the difference between the useful life
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Effective age means a facility’s building chronological age reduced by allowable projects for improvements to land, building and fixed equipment. A facility’s effective age will be calculated annually based upon improvements made during the cost report period.
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Effective age means a facility's building chronological age reduced by allowable projects for improvements to land, building, and fixed equipment. A facility's effective age must be calculated annually based upon improvements made during the cost report period.
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Effective age means the difference between useful
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Effective age means the number of years determined by:
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Effective age means an age assigned to a structure based on its remaining economic life as of the effective valuation date. It may be more or less than the structure’s actual age. When the actual age of a structure is affected by changes in the structure’s remaining economic life, the assessor shall use the effective age in calculating the depreciation of the structure.” 50 IAC 2.2-1-25.1.
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Effective age means an age assigned to a structure based on its remaining economic life as of the effective valuation date. It may be more or less that the structure’s actual age.
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