Tracer gas measurements are commonly used to estimate the fresh air exchange rate in a room or building. Published tracer decay methods account for fresh air supply, infiltration, and leaks in ductwork. However, the time delay associated with a ventilation system recirculating tracer back to the room also affects the decay rate. We present an analytical study of tracer gas decay in a well-mixed, mechanically-ventilated room with recirculation. The analysis shows that failing to account for delays can lead to under- or over-estimates of the fresh air supply, depending on whether the decay rate calculation includes the duct volume.