Actual age vs. Effective Age |
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Actual age vs. Effective Age |
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The Actual Age is the number of years that have passed since the structure was built. Actual age is also called the Chronological Age.
The Effective Age is the estimate of the age of a structure based on its utility and physical wear and tear.
The effective age is the difference between the Economic Life of the structure and the Remaining Economic Life of the structure.
The appraiser considers effective age in any appraisal. The effective age may be the same as, more than, or less than the actual age.
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