Property Valuation
In New York, the 'economic life' of a building refers to:
AThe physical life of the structure from construction to demolition
BThe period during which the building contributes positively to the value of the property and generates economic returns✓ Correct
CThe remaining useful life of the mechanical systems
DThe term of the mortgage financing on the property
Explanation
The economic life of a building is the period during which it generates a positive contribution to the overall value of the property — i.e.
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