Of course it's important. Tires dry out and crack when they get older. Resulting in a huge decrease in performance and handling and enhancing the risk of tire damage. Aside from actual usage, ozone damage is also a great rubber killer if the bike was stored outdoors. Bikes that have been stored for a prolonged period of time may have tires with flat spots as well.
Technically speaking, the general industry guideline is that a tire should be replaced after 5 years of usage. It is also not recommended that you purchase new tires that are 3 years old or more.
However, there are no official laws or regulations.
If properly stored, the tire's life can be prolonged. Personally, I wouldn't use anything older than 10 years for a day even. 5-7 year old DOTs are usually the cut off for me, depending on the condition of the rubber.
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