Economic Obsolescence Law and Legal Definition
Economic obsolescence means loss in value of a property due to impairment in utility of the property as a result of external factors. These external factors may be changes in optimum land use, legislation that restrict or impair property rights and changes in supply-demand relationships. Changes in zoning or relocation of a major industry are also certain external factors that impair the value of the property.
Legal Definition list
Related Legal Terms
- Acute Economic Need
- Bureau of Economic Analysis
- Bureau of Economic, Energy, and Business Affairs [EEB] [Department of State]
- Centre of Predominant Economic Interest
- Community and Economic Development Entity (CEDE)
- Consequential Economic Loss
- Constitutional economics
- Council of Economic Advisers [CEA]
- Crop of Economic Significance
- Direct Economic Loss
