Property Valuation
External obsolescence as a form of depreciation in Iowa real property appraisal refers to:
AWorn-out roof shingles that need replacement
BA loss in value caused by factors outside the property, such as proximity to a new highway or industrial facility✓ Correct
CAn outdated floor plan that cannot be easily changed
DDeferred maintenance on the HVAC system
Explanation
External (economic) obsolescence is a loss in value caused by negative influences outside the property itself — such as a nearby feedlot, highway noise, or neighborhood decline — and is generally incurable by the property owner.
Related Iowa Property Valuation Questions
- An Iowa appraiser is using paired sales analysis. The purpose of this technique is to:
- Iowa law requires county assessors to provide notice of property assessment to owners. A property owner who disagrees with their assessment may:
- The principle of anticipation in Iowa appraisal holds that:
- The highest and best use of a property is defined as the reasonably probable use that is:
- The principle of substitution states that:
- Iowa's agricultural cash rent for farmland is an important indicator because it reflects:
- In Iowa, the cost approach to value estimates property value by:
- The Iowa Department of Revenue publishes an equalization order when:
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