Replacement cost new definition

Replacement cost new means the amount required to obtain a new asset of equivalent utility to that which exists, but built at current prices, with modern materials and according to current standards, designs, and layout.

Replacement cost new means the projected cost per square meter to replace a building used as a detachment with one which has an equivalent utility, function and size and is determined by the Commissioner in consultation with the Provincial Minister. The rate is based on both actual and projected market costs within the Division related to comparable projects undertaken as part of the accommodation program that are recently completed, underway, or scheduled to be commenced in the near future. The rate excludes costs related to the acquisition of land and applicable taxes;

Examples of Replacement cost new in a sentence

• Replacement cost new is determined and then adjusted for location.

• Replacement cost new tables as well as depreciation tables are tested for accuracy and uniformity using ratio study tools and compared with cost data from recognized industry leaders, such as Marshall & Swift.

• The ABC/HIPPY Coordinator is responsible for making periodic classroom and home visits.

• Replacement cost new, rather than reproduction cost new, typically excludes any functional obsolescence relating to design and utility, such as superadequacies, for example.

• Replacement cost new, in the case of a new or nearly new vessel and when considered along with normal depreciation, will be a strong indication of market value in the case of vessels that continue to be manufactured.

• Replacement cost new tables as well as depreciation tables will be tested for accuracy and uniformity through ratio studies and comparison with cost data from Marshall & Swift.

• Replacement cost new less physical incurable depreciation and external obsolescence.

• Replacement cost new (RCN) for living area is expressed in terms of cost per square foot.

• Replacement cost new data and depreciation tables are reviewed for accuracy and uniformity.

• Replacement cost new tables and depreciation tables are tested for accuracy and uniformity using ratio study results.