Effective Age
The effective age of a residence is its age in years as compared with other
residences performing like functions. It is the actual age less the age that has
been taken off by face-lifting, structural reconstruction, removal of
functional inadequacies, modernization of equipment, etc. It is an age that reflects a
true remaining life for the residence, taking into account the typical life
expectancy of buildings or equipment of its class and its usage.
Effective age prints in the report, and is used in the depreciation
calculations for the following depreciation methods:
- Method 1: M&S Depreciation Tables, M&S Typical Life
- Method 2: M&S Depreciation Tables, Entered Typical Life
- Method 3: Age/Life (Straight Line)
- Method 6: M&S Depreciation Tables, M&S Typical Life, Condition Adjustment