What does actual age indicate about a property?

The correct response indicates that actual age refers to the total number of years that have passed since the construction of a property was completed. This metric is significant in property assessments and appraisals, as it helps determine the depreciation of a property’s value over time. Actual age is often used alongside effective age, which takes into account renovations and upgrades that might influence perceived value, but actual age stands as a straightforward calculation based on when the building was originally finished.

Understanding this concept is critical for property tax consultants, as actual age can impact tax assessments and evaluations of a property's condition. For instance, a property that has been meticulously maintained might have a different market perception compared to its actual age, but when discussing actual age itself, it solely refers to the interval since construction.