What if I do not render a value, but instead provide historical cost data?
The statute allows the chief appraiser to request information supporting the value. If instead of providing an estimate of value, the owner provides historical cost data, then the chief appraiser arguably would not be entitled to request the additional information. By providing the historical cost data, the owner is providing information from which the chief appraiser can make his own opinion of value. On what can I base my value opinion? The statute does not require any particular basis for a value opinion, though the owner must be able to explain the basis if asked by the chief appraiser. The statute does provide that a business with 50 employees or less may base the estimate of value on the depreciation schedules used for federal income tax purposes. There is nothing to indicate that larger businesses cannot use the same basis, if they choose. What if my estimate of value is not in good faith? The statute provides that, in lieu of providing historical cost information, the owner may
