What is meant by the term 'remaining economic life' in property assessments?

Remaining economic life refers to the expected duration during which a property is anticipated to generate income or provide utility before it reaches a point where its value declines significantly or it becomes obsolete. This concept is crucial in the assessment of property value, as it helps assessors evaluate how long a property can remain viable and economically productive.

The emphasis on the length of time until a property will no longer generate income indicates a focus on the profitability and utility of the property from a financial perspective. This helps in determining appropriate property taxes and guiding investment decisions.

Understanding remaining economic life can provide valuable insights into the marketability of a property, its investment potential, and how that can change over time due to factors like the property's condition, location, and broader economic trends. This aspect is fundamental for both assessors and property investors when making informed financial decisions regarding real estate.