Property Valuation
A Virginia property's economic life is the period during which:
AThe building is fully depreciated for tax purposes
BThe improvements contribute positively to the property's value✓ Correct
CThe land retains its value
DThe property generates any income at all
Explanation
Economic life is the period over which a building contributes to the property's value (i.e., is worth more than the land alone). Once improvements detract from value rather than add to it, economic life has ended.
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