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I depreciate the value of my business personal property each year for tax purposes. How does that impact the way my return is filed with Hanover County?

April 26, 2017Business depreciate hanover county impact Property purposes tax value year

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I depreciate the value of my business personal property each year for tax purposes. How does that impact the way my return is filed with Hanover County?

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For our purposes, the tax is based on the original cost of the equipment. Each year we utilize a declining value scale, based on the year of acquisition, to adjust the value for taxation.