The typical life of a building is its expected life, based on its occupancy, class and rank (quality). You can set typical life by entering a value in this field. if you do not enter a value, Segregated Estimator automatically sets the Typical Life using the tables in Section 97 of the Marshall Valuation Service, based on the occupancy, class and rank.
Segregated Estimator uses typical life to calculate the section’s combined physical and functional depreciation percentage if you use either of the following methods:
Marshall & Swift Tables: With this method, Segregated Estimator uses the Typical life, together with the Effective Age, to calculate the amount of normal physical and functional depreciation using the depreciation table in Section 97 of the Marshall Valuation Service.
Age/Life (Straight Line): With this method, Segregated Estimator calculates the depreciation percentage as the Effective Age divided by the Typical Life.