Property Valuation
External obsolescence affecting a Pennsylvania property near a newly opened chemical plant is considered:
ACurable because the owner can fix it
BIncurable because it originates outside the property✓ Correct
CFunctional because it involves the property's layout
DPhysical because it causes physical damage
Explanation
External obsolescence (also called economic obsolescence) is caused by factors outside the property, such as proximity to a nuisance, neighborhood decline, or adverse economic conditions. It is typically incurable by the property owner.
Related Pennsylvania Property Valuation Questions
- Highest and best use is defined as the use that is:
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- An appraisal 'adjustment' for a superior feature in a comparable property is always:
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