Are Your Missing Physical Deterioration?
The most apparent elements involve physical deterioration, which can be significant enough to lower an asset’s market value. The Mass Appraisal and Equalization Systems consistently miss this critical aspect related to property tax appeals because they don’t take into account how old buildings might have suffered wholesale renovations or replacements that would increase their asking prices on the open market today; nor do those appraisal methods consider whether there has been any recent construction nearby that could affect demand for land at all future developer-friendly locations within city limits.
The rate at which a building deteriorates can vary greatly depending on the reasons given. The quality and condition of construction, work done by contractors involved, and maintenance performed over time all have an effect in addition to weather conditions that exposure has been limited or extreme amounts soil types present within it also matter tremendously.