Economic Life

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The Economic Life is the total number of years that an improvement contributes to value.

 

Economic life is equal to the Effective Age plus Remaining Economic Life.
Economic life may be shorter than physical life but never longer.
The economic life of a residential property is almost always the same as the physical life.

 

Related Topics:

 

Actual Age

Effective Age

Chronological Age

Physical Life

Remaining Economic Life

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