Effective Year Built Before Year Built

[Mr Rex]

We are obviously not on the same page, I apologize for the confusion. The term effective year built threw me, I was thinking in terms of actual age and effective age.

Its the same thing. If a house has an effective age of 12, its effective year built is 2000. It not exactly rocket surgery.

 

[Mike Kennedy]

Is it possible to have an effective year built before the actual year built? If it is possible what does it mean? My county assessor records shows the years this way for my property.
Thanks

One example:
A 5 year house that exhibits abnormal wear, tear, and neglected upkeep contributing to overall fair (or poor) Condition is often viewed by potential buyers as having an Effective Age akin to a 20-30 year old home in non-updated or non-renovated condition. Yes it is possible.

By comparison, the reverse is also true. A 30 year old home with renovations including, but not limited to, roofing, siding, windows, heating, renovated kitchen & baths, interior floors, walls, ceilings, etc. can exhibit an Effective Age of 1, 5, 10 etc.

 

[Terraform]

Its the same thing. If a house has an effective age of 12, its effective year built is 2000. It not exactly rocket surgery.

Thanks Rex. There was another poster thrown by the terminoligy. I do not argue that the meaning are the same. I revised my last post a bit so as you could better understand where I was comming from.

 

[Lost Cause]

Concept OK; Term Not So Much

I'd agree that its certainly possible for effective age to exceed actual age. I'm not buying the term "effective year built", however.

 

[Mr Rex]

Almost all the local assessors use "effective year built" rather than effective age, since they would have to change the latter every year in their records, and they only are required to re-assess every 8 years, although most do it more often. Lost, you need to get out more, take a drive down south...

 

[Terraform]

Almost all the local assessors use "effective year built" rather than effective age, since they would have to change the latter every year in their records, and they only are required to re-assess every 8 years, although most do it more often. Lost, you need to get out more, take a drive down south...

So, the two terms are different by your reasoning. Age and Year Built? Age is X and Year built is Y. IMO age is subjective and year built is factual.

 

[CANative]

If a property has an effective age of 10 years on the date of value, say 2010, then the effective year built would be 2000. What Rex is saying is that assessors use this term because they don't value the property every year. So, in 2012, the effective year built will still be 2000 but the effective age will be 12 years.

I'm looking at an "appraisal" completed on a fast food restaurant completed by the assessor. The comps all have Yr Built 1950, Eff. Yr Built 1972 (for example.)

 

[Terraform]

Thanks Cali, I must be hammered.

 

[CANative]

I'm not hammered (yet) and I still had to think about it for a minute. :icon_mrgreen:

 

[Terrel L. Shields]

I would not contest an assessment that gave the effective age higher than the real age because it means if they make it right, your taxable value would increase.