This content was originally published on November 11, 2014. It has been ungated and republished due to popular demand.
When it comes to a business’ personal property, there are three obsolescence factors: economic, functional and physical. There are multiple methods for reducing the overall personal property tax for assets where obsolescence may exist, but has not been properly accounted for in the value. Calculating the valuation of these assets is highly complex, and as a result, assessors often overlook additional obsolescence due to lack of resources or understanding. This white paper demonstrates how businesses can gain an understanding of the three forms of obsolescence and personal property tax.sch-group_three-forms-of-obsolescence_ppt