Name the type of obsolescence caused by external factors affecting a property's value.

Economic obsolescence refers to the loss of value of a property caused by external factors that are beyond the owner's control. These factors may include changes in the neighborhood, economic downturns, changes in zoning laws, or the presence of undesirable developments nearby. Unlike physical depreciation, which is related to the condition of the property itself, or functional obsolescence, which is tied to the property's design or layout becoming outdated or less desirable, economic obsolescence is strictly tied to outside influences that affect market perception and desirability.

Understanding economic obsolescence is crucial for tax assessors as they evaluate properties and determine their values within the context of the broader economic environment. Recognizing this type of obsolescence allows assessors to make more accurate assessments of property value and, by extension, ensure that property taxes are based on fair market values reflective of current conditions.