The present depreciated cost of the improvements will be $445,000
Depreciation, which results in the difference between the value of the improvements and their current contributing value, is the decrease in value of the building and/or its improvements. You should take into account the property's physical, functional, and economic depreciation while calculating its depreciation. While functional depreciation refers to the changes in customer likes and preferences over time, physical depreciation refers to the wear and tear that occurs as the building ages.
External negative tendencies including the downfall of large employers, the recession, and fresh negative developments cause economic depreciation.
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