These factors are multiplied by the "retail cost when new" of an item to
determine the appraised value. The appraised value is multiplied by 25% to determine the
assessed value. The assessment date is January 1; therefore, any commercial and industrial
machinery and equipment acquired after January 1, 2006 would not be taxable for tax year
2006.
To select the appropriate appraised factor,
locate the row for the year the item was purchased new and the column indicating the
item’s total economic life. The proper factor is located where the row and column
meet. For example, an item with an economic life of 10 years that was purchased new for
$2,000 in 2003 would have an appraised factor of .571 or 57.1%. The retail cost when new
of $2,000 is multiplied by the .571 appraised factor to arrive at an appraised value of
$1,142 for tax year 2006. No commercial property will fall below 20% of its retail cost
when new as long as it is still "being used".
©, Copyright, 2002 Sedgwick County Appraiser's Office
last update:
05/16/06
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