Property Valuation
In Hawaii, the term 'economic life' of an improvement refers to:
AA. The number of years since the building was constructed
BB. The period over which improvements contribute positively to property value✓ Correct
CC. The tax depreciation period set by the IRS
DD. The period until the next scheduled renovation
Explanation
Economic life is the period during which improvements contribute to the property's value. When improvements no longer add value (or detract from it), their economic life has ended even if structurally sound.
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