Property Valuation
An appraiser in West Virginia estimates the remaining economic life of a 20-year-old building is 40 years, with a total economic life of 60 years. The age-life depreciation percentage is:
A20%
B33%✓ Correct
C40%
D50%
Explanation
Age-life depreciation = Effective Age / Total Economic Life = 20 / 60 = 0.333 = 33%. This percentage is applied to the reproduction cost new of the improvements to estimate accrued depreciation.
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