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Economic Rent: This term is often referred to as "Market Rent" and is the amount of rent that a property would most probably command in the open market.
Effective Tax Rate: The factor that is multiplied against a property's taxable value to estimate its current property tax liability. It is the ratio between a property's taxable value and the taxes levied against it. This factor can vary from tax district to tax district. Salt Lake County currently has 361 different tax districts.
Effective Year Built: A year which reflects the remaining economic life for the structure taking into account the typical life expectancy of the building and its components. It is based on the year built, grade of materials used in construction, and the property's condition. It may be different that the actual year the improvements were constructed because of on-going maintenance, or remodeling of the improvements.
Entrepreneurial Profit: Is a market derived figure that would represent the compensation received for an entrepreneur or developer to accepting the risks and responsibilities of overseeing the completion of a project. This is the amount of compensation in addition to all direct and indirect construction costs incurred during the development of a property.
External Obsolescence: A temporary or permanent impairment of the utility or salability of an improvement or property due to negative influences outside the property, e.g., an external influence that cannot be controlled by the property owner, landlord, or tenant.
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