When determining the remaining useful life, what is primarily evaluated?

The primary evaluation in determining the remaining useful life of a property focuses on the building's age and expected longevity. This process involves assessing how much longer a structure can be expected to serve its intended purpose based on its current condition, maintenance, materials used in construction, and any improvements made.

Understanding the building's age allows consultants to estimate how many more years it can function efficiently before significant repairs or replacements are necessary. Expected longevity also takes into consideration the type of property and its use, where different structures have different life spans based on design, use, and maintenance practices.

This assessment is critical for property tax consultants as it impacts valuations, tax assessments, and strategic decisions regarding property investments. Other aspects, like market trends, neighborhood property age, or land valuation, play a role in the broader context but do not directly inform the remaining useful life of the building itself.