Property Valuation
What is functional obsolescence in a Massachusetts property?
APhysical deterioration due to age and wear
BLoss in value due to factors outside the property boundaries
CLoss in value due to outdated design, layout, or features of the property✓ Correct
DDepreciation calculated for tax purposes
Explanation
Functional obsolescence is a loss in value caused by outdated or inadequate design features within the property, such as a one-bathroom home in a market that demands multiple bathrooms.
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