08/02/2018 (2) VAB - Laserfiche WebLink

Home Browse Search

The PA presented.a document that described:hoW-e'ach=:'of;the eight. factbts.wa5"applied: (quoted iii :total).: . "Present.C�sl .Valcie'.= I'lie•Taxpayer,is regi&6d.ao.:tepprti'the:ariginal..cost on>bR=40S and by depreciiiting the;:cost::u!0g-tl e Department of IZev nue::gM'. del nes eve: artiye.ati fair.: marketvaliie aTso;lnotwn'as pzesent cash-value; Highest afid-:best. lse-= Since'lie ta�payei-. is, iisirlg the TPP.to con duct:its:business, it is: appropriate to:.ssui�rre:.the present.use'of the'poperLy:vvill::Coiiiviue and this.is Elie highest' and best use`'- the`property asofarivary ; Location: lhelticatiori.is.required'onthe:W 40.5;':we assess th'e:1PP at its situs'location as indicated ley the::bus ness;bwner; . >: Quantity'or; S Vie,=;; axpa er `rehders t1�e.Cost: of the assets :pn>the DR-405; the quantity an(l/or`size.:of-:-T;-P' are:;reflected in this repotted'cost; We';hsve no reason` o :contest:-or. ' doubt .:the gifritify:::and .sire factor phed' :by' flietaxpayet:.s::retarri;The' tangible :tax return was °accepfed' by o- it office; Cost:: acid.,Prese�t•:I�;eplAcemerit• Value - By using the. cast::pro v i ed :by the. taxpayer: a id applying ixadex tables'we are stile to estimatcthe:replace menf valve;+ Condition �-The; taxpayer: is to provide this: information ori. t1�eR=405; "If reciiiestecl:by the faxpayez;.;:;t1le:cortdition can'and will-:be revieW&d--- -- ite-UVth- Property Appraisers : Office; .::,,::•.: � �.:., , � � • . :.' :::� . ., . , : . Income = Of.tlie`:t�h�ree.,appro'aclies .to value;(cost;;aiiarket;'incaine) income is eorisidered t1ie:.least:.Iikely:cluetQ':many difficulties in :eicttaetiiig.. ii�targl?lje casts; ;Iowever, if 'a taxpayer"provdes income data; pattictilarly'in:mstances, where ari iricome'.stream, related to the:`specif c''tangibie assets fan be quariti ed::(such as leased or rented:.equipment),. are more than willing to give it coiisideratioiy; :iid Net 'roceeds;of an a" Gtiori. s:ii fact:.an'auris:length:i ansaCtion,..thenthis•`can _ P. be arr:excellent:source of it ar nation; Ho.Wevei; Dare mist be taken.td ehsuie that in fact' an arms lerigtli i�arisaction has taken .place' and tYiat .the: suppo:'s"etl"sake is riot an allocation, liquidation; .aacttori: s e: price; distress -sale;: d" The:,:Propez y Appz i'ser: s office. always -tries :toidentify the cost: of'sale, when valuingTPP mX"ounty; It.:would be` inappropriate, ;to rz]a1ce. a cost ' of sale' *ad�pstmd.nt';wher�;.usi ig the cost approach; ::Such . adjustments slotld :only beufilized when using the marketlsales approach:' The.P*A. read. the'T axable Value axito the record:. ' 2017 XX.. Reg -X The $25;QQ*o. exemption was. applied-to the Market Value to establish: the Taxable Value. The PA requestefl the Taxable;Wue'�e upheld.. . The Property Appraiser. read a closing statement reiterating:that they considered:thd eight . criteria, ul Ii ed iiiass; appraisal, inchiding :prgfes ovally accepted appraisal practices,: in order. , to arrive: at` their assessed value: 'They � 6A. to - thd; :marketplace : to verif their tables. Theystafed-.that tlie`bizrden of ptopf--:is, on''ttie'Petit onor...They'bel eve.:that they ' have. retained tl e- presufffpfion- of �corredhess.: a i4-.:that. `their asse's'suient reflects .Just' Value.