How is the assessed value determined?
Assessment begins with the cost of the asset, including sales tax, freight and installation, but not including any trade in. This cost basis is generally the same as your tax basis. The assessor applies a depreciation factor to the assets cost and this becomes the assessed value. The depreciation schedule is different from the tax depreciation schedule your tax accountant uses. Our depreciation schedule is based on expected economic life.
Assessment begins with the cost of the asset, including sales tax, freight and installation. The Assessor applies a depreciation factor to the asset cost and this becomes the assessed value. The depreciation factor is based on the expected economic life of the asset, and is different from the depreciation schedule used by tax accountants.
Assessment begins with the cost of the asset, including sales tax, freight and installation. The Assessor applies a depreciation factor to the asset cost and this becomes the assessed value. The depreciation factor is based on expected economic life of the asset, and is different than the depreciation schedule used by tax accountants.
