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
proportionate, equivalent, synonymous

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 (ast, AV) — 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.