Economic obsolescence definition
Economic obsolescence means the loss in value from replacement cost new less physical deterioration and functional obsolescence due to the impairment in utility and desirability caused by factors external to the land on which the building or structure is located;
Economic obsolescence means a loss in value of property arising from "Outside Forces" such as changes in use, legislation that restricts or impairs property rights, or changes in supply and demand relationships.
Economic obsolescence means, with respect to valuation for property taxation purposes, loss in value of a property caused by unfavorable economic influences or factors outside of the property; "economic obsolescence" is a loss in value in addition to a loss in value attributable to physical depreciation;
Examples of Economic obsolescence in a sentence
Economic obsolescence is stated as an impairment of desirability or useful life of a structure arising from external factors.
More Definitions of Economic obsolescence
Economic obsolescence means, as of any date of determination, the Economic Obsolescence as shown on the most recent general ledger report of Borrower consistent with past practices delivered to Agent in accordance with this Agreement, or if not so delivered or shown thereon, as otherwise determined by Agent in its reasonable credit judgement.
Economic obsolescence means the impairment of desirability or useful life arising from factors external to the property, such as economic forces or environmental changes which affect supply-demand relationships in the market. Loss in value due to economic obsolescence is distinguished from loss in value due to physical deterioration or func- tional obsolescence. Economic obsolescence is also referred to as locational or environmental obsolescence.
Economic obsolescence means obsolescence caused by factors extraneous to the property. Also referred to as “economic depreciation.”
Economic obsolescence means, with
Economic obsolescence means obsolescence caused by factors extraneous to the property.
Economic obsolescence means obsolescence caused by factors extraneous to the property. It is also referred to as external obsolescence. (2011 Real Property Assessment Manual and Guidelines Book 2, Glossary, pg. 8)