Property Valuation
In New York, 'economic life' of a building is the period during which the improvements:
AAre physically standing
BContribute positively to the total property value (i.e., are economically useful)✓ Correct
CAre depreciated for tax purposes
DAre under warranty
Explanation
Economic life (or useful life) is the estimated period during which the improvements contribute positively to the total property value. When improvements no longer add value (e.g., when the highest and best use is redevelopment), their economic life has ended even if they are physically intact.
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