The City of Detroit's land value tax proposal could help change that
Dilapidated or depreciated?
A lived in outdated home has lost its appeal and thusly most if not all of its value in the structure. Nominal value remains.
Its is common in Japan for 40 year old homes to be undesirable. They also have lowly structure values like $2000 for a house.
Do the math:
40 years x 1% = 40%
40 years x 1.5% = 60%
So confident 40-60% loss clean math.
Then you have market perception which lowers such simply because its not aligned with many current buyers expectations.
Dilapidated or depreciated?
A lived in outdated home has lost its appeal and thusly most if not all of its value in the structure. Nominal value remains.
Its is common in Japan for 40 year old homes to be undesirable. They also have lowly structure values like $2000 for a house.
Do the math:
40 years x 1% = 40%
40 years x 1.5% = 60%
So confident 40-60% loss clean math.
Then you have market perception which lowers such simply because its not aligned with many current buyers expectations.