Property Valuation
Remaining economic life in Missouri appraisal is used to:
ADetermine the loan term
BEstimate how many more years an improvement will contribute positively to value✓ Correct
CSet the property tax rate
DCalculate annual depreciation for tax purposes
Explanation
Remaining economic life is the estimated number of years an improvement will continue to add value. It equals economic life minus effective age and is used in the cost approach depreciation calculation.
Related Missouri Property Valuation Questions
- A Missouri property is over-improved when:
- In Missouri, which of the following best describes 'arm's length transaction' in appraisal terminology?
- The sales comparison approach to value is MOST appropriate for:
- A Missouri home has a replacement cost new of $220,000, total depreciation of 25%, and land value of $50,000. What is the cost approach value?
- In Missouri, 'depreciation' in appraisal refers to:
- A Missouri appraiser uses a cost approach on a 20-year-old home with an economic life of 50 years. The percentage depreciation using age-life method is:
- A Missouri appraiser concludes a value of $285,000. They note that the sales comparison approach was given the most weight because:
- In Missouri, the assessed value of residential property is typically:
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