Property Valuation
What is 'effective age' versus 'chronological age' in Kansas appraisal?
AThey are interchangeable terms
BChronological age is actual years since construction; effective age is the apparent age based on condition and maintenance, which may differ significantly✓ Correct
CEffective age only applies to commercial properties
DChronological age determines tax assessment; effective age determines resale value
Explanation
Chronological age is the actual number of years since a building was constructed. Effective age reflects the building's apparent age based on its condition and maintenance.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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