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State Tax Commission Notice

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Steven H. Lasher
Foster Swift Property Tax Update
March 2009

The State Tax Commission has recently issued a notice informing assessors of various issues relating to 2009 Personal Property Statements filed by taxpayers.

As you know, personal property owners are required by statute to report the actual cost of personal property and the year of acquisition. The STC reports that many taxpayers are either adjusting the acquisition cost on their personal property statements to reflect what they consider the value of the personal property to be or are asserting economic obsolescence in adjusting the reported acquisition costs. For example, the STC cites the Thomson Reuters Property Tax Service as applying an additional economic obsolescence factor to reported personal property costs.

Of particular concern to the STC is what it believes is incorrect reporting of Freestanding Communications Towers, Fluid and Gas Transmission Pipelines, Wireless Cellular Provider personal property and Construction Equipment Rental property.