Effective Age

Definition

  • An estimation of a building's physical condition as determined by an appraiser. The actual age of a building may be more or less than the estimated effective age.

Synonyms
synonymous, equivalent, proportionate

Related Terms and Acronyms

  • Actual Age Definition,
    • The years since a structure was built. Differs from effective age.
  • Appraised Value Definition,
    • An educated opinion of how much a property is worth.
  • Assessed Value (AV, ast) Acronym & Abbreviation,
    • A municipal or provincial government's determination of a property's worth for tax purposes.
  • Attained Age Definition,
    • The current age of an insured individual.
  • Depreciation Definition,
    • The gradual loss of value of a building or other property because of age or natural wear.
  • Market Value (MV) Acronym, Important,
    • Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
  • Property Value Definition,
    • The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
  • Resale Value Definition,
    • The sales price that would be negotiated by a willing seller and buyer for an existing home or property.
  • Valuation Definition,
    • The estimation of a property's price value through an appraisal.
    • The process of finding the worth of an asset or business.
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