42-13353. Depreciated values of personal property of manufacturers, assemblers and fabricators
A. Except as provided in subsection D and notwithstanding any other statute, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during tax year 1994 through tax year 2007 as follows:
1. For the first tax year of assessment, the assessor shall use thirty-five per cent of the scheduled depreciated value.
2. For the second tax year of assessment, the assessor shall use fifty-one per cent of the scheduled depreciated value.
3. For the third tax year of assessment, the assessor shall use sixty-seven per cent of the scheduled depreciated value.
4. For the fourth tax year of assessment, the assessor shall use eighty-three per cent of the scheduled depreciated value.
5. For the fifth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed by the department's guidelines.
B. Except as provided in subsection D and notwithstanding any other law, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during tax year 2008 through tax year 2011 as follows:
1. For the first tax year of assessment, the assessor shall use thirty per cent of the scheduled depreciated value.
2. For the second tax year of assessment, the assessor shall use forty-six per cent of the scheduled depreciated value.
3. For the third tax year of assessment, the assessor shall use sixty-two per cent of the scheduled depreciated value.
4. For the fourth tax year of assessment, the assessor shall use seventy-eight per cent of the scheduled depreciated value.
5. For the fifth tax year of assessment, the assessor shall use ninety-four per cent of the scheduled depreciated value.
6. For the sixth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed in the department's guidelines.
C. Except as provided in subsection D and notwithstanding any other law, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during or after tax year 2012 as follows:
1. For the first tax year of assessment, the assessor shall use twenty-five per cent of the scheduled depreciated value.
2. For the second tax year of assessment, the assessor shall use forty-one per cent of the scheduled depreciated value.
3. For the third tax year of assessment, the assessor shall use fifty-seven per cent of the scheduled depreciated value.
4. For the fourth tax year of assessment, the assessor shall use seventy-three per cent of the scheduled depreciated value.
5. For the fifth tax year of assessment, the assessor shall use eighty-nine per cent of the scheduled depreciated value.
6. For the sixth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed in the department's guidelines.
D. The additional depreciation prescribed in this section shall not reduce the valuation below the minimum value prescribed by the department for property in use.
Section: Previous 42-13256 42-13257 42-13301 42-13302 42-13304 42-13351 42-13352 42-13353 42-13354 42-13355 42-13401 42-13402 42-13403 42-13404 42-13451 NextLast modified: October 13, 2016