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October 17, 2011 (Regular Meeting) <br />DEPRECIATION <br />Page 848 <br />ACTUAL YEAR BUILT - The last two digits of the Actual Year Built. To be used <br />if the actual year built can be determined and the same as the <br />Effective Year if the Actual Year Built cannot be determined. <br />EFFECTIVE YEAR BUILT - To be used to adjust the age of an improvement when <br />extensive remodeling has taken place or to reflect a slower <br />depreciation in an area. <br />ECONOMIC OBSOLESCENCE - A percentage to be added to the normal depreciation <br />to account for increased depreciation due to the impairment of <br />desirability or useful life of the property from an external factor <br />such as changes in the neighborhood. <br />FUNCTIONAL OBSOLESCENCE - A percentage to be added to the normal depreciation <br />to account for increased depreciation due to the impairment of <br />desirability or usefulness brought about by changes in design, art or <br />construction techniques and including zoning over present use. <br />SPECIAL CONDITION CODE -UC - Under construction <br />Use with the percent condition to indicate <br />percent of completion of construction as of <br />January 1 of the tax year, see Ch. 6, overrides <br />all other depreciation. <br />PD - Physically damaged <br />Use with the percent condition to indicate <br />percent of remaining utility after a damaging <br />event as of January 1 of the tax year, <br />overrides all other depreciation. <br />AP - Abnormal Physical Depreciation <br />Use with the percent condition to indicate a <br />percentage to be added to the normal <br />depreciation to account for increased <br />depreciation due to physical depreciation over <br />and above the norm for the age of the property. <br />TE - Temporary Economic <br />Use with the percent condition to indicate a <br />percentage to be added to the normal <br />depreciation to account for increased <br />depreciation due to the impairment of <br />