Which of the following is NOT a demand factor in property assessment?

In the context of property assessment, demand factors are elements that influence a buyer's desire to purchase a property and are typically related to market preferences and the attractiveness of the property. Among the choices provided, annual income is not considered a demand factor. Instead, it is more of a measure of a buyer's financial ability to purchase property, reflecting their purchasing power rather than the inherent desirability of the property.

On the other hand, location, construction quality, and condition are all characteristics of the property itself that can significantly impact demand. Location determines how desirable an area is for potential buyers, influencing factors such as proximity to amenities, schools, and employment opportunities. Construction quality refers to the materials and craftsmanship that contribute to the property's appeal, while condition relates to how well the property has been maintained or updated, affecting buyer interest and willingness to pay.

Understanding the difference between demand factors and other influences like financial capability—such as annual income—is crucial in property assessment, as it helps appraisers accurately evaluate market trends and the attractiveness of properties to potential buyers.