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.
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 2007 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 2010. No commercial
property will fall below 20% of its retail cost when new as long as it is
still "being used".
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last update:
04/13/10
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