The California State Board of Equalization recently released a draft of the proposed Guidelines for Substantiating Additional Obsolescence for Personal Property and Fixtures as part of a project to assist county assessors’ staff in identifying and quantifying obsolescence for personal property tax valuation.
Although the proposed guidelines do not offer anything that can be considered groundbreaking, they do serve as an overview of the process for identifying and calculating extraordinary obsolescence.
Tags: California Property Tax, economic obsolescence, functional obsolescence, Obsolescence, Property Tax