Property Valuation
A Mississippi property has an economic life of 40 years. If it is 10 years old, the remaining economic life is:
A20 years
B30 years✓ Correct
C35 years
D40 years
Explanation
Remaining economic life = Total economic life − Effective age = 40 − 10 = 30 years. Appraisers in Mississippi use standardized methods to estimate property value for lending and sales..
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