Percent Good Factors: reflect depreciation (loss of value) suffered since acquisition.Index Factors: represent price level changes experienced since acquisition.These adjustments are commonly done through the use of factors: The cost approach to value is the process by which the market value of property is estimated by adjusting the property's acquisition cost to account for changes in value since the property's acquisition and installation. Property costs are reported by category and year of acquisition. Property statements are filed with the County Assessor's Office, for the county, in which the property is located. Property statements are declarations, filed by businesses, which report all assessable property owned, claimed, possessed, controlled, or managed by the filer at a specific situs (location). This is because the cost approach lends itself to mass appraisal and it can be readily employed using the information contained in annual property statements. The Cost Approach to value is the method of valuation used most often to value assessable personal property and fixtures. The valuation of personal property and fixtures for assessment purposes most often involves the use of a mass appraisal method. In addition, personal property may be exempted, in whole or in part, by the Legislature. Section 1 of Article XIII of the California Constitution specifies that unless otherwise provided by this Constitution all property is taxable and shall be assessed at the same percentage of fair market value.
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