Property Valuation
A Massachusetts property is worth $500,000 and the land is valued at $100,000. The building is 15 years old with a 50-year economic life. What is the depreciation percentage?
A15%
B30%✓ Correct
C25%
D50%
Explanation
Depreciation percentage = Age ÷ Economic Life = 15 ÷ 50 = 0.30 = 30%.
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