Property Valuation
What is 'effective age' of a property in appraisal terminology?
AThe actual chronological age of the improvements
BThe age indicated by the condition and utility of the improvements, which may differ from actual age✓ Correct
CThe age of the property as listed on the county property appraiser's records
DThe age of the oldest component in the building
Explanation
Effective age reflects a property's apparent age based on its condition and utility rather than its chronological age. A well-maintained older home may have a lower effective age than its actual age; a poorly maintained newer home may have a higher effective age.
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