What is Original Cost?
Real Estate Dictionary
The original cost of a property refers to the purchase price paid by the current owner, which may or may not be the first owner of the property.
It's worth noting that the original cost of the property can be adjusted over time to reflect improvements made to the property or other factors that affect its value. For example, if the owner makes significant renovations or additions to the property, the original cost may be adjusted upward to reflect the increased value. On the other hand, if the property suffers damage or becomes outdated, the original cost may be adjusted downward to reflect its diminished value.