The valuation of commercial personal property begins with the cost of the item. Items are valued according to their historic purchase price when new or the used purchase price and the appropriate economic life of the item is applied. The asset is then depreciated over its economic life to a remaining base or salvage value.
After December 31, 1995, any qualifying item of commercial personal property with original cost of $250 or less is exempt. Please continue to list the items on your rendition as usual and the appraiser's office will determine if the item qualifies for this exemption.
The appropriate economic lives that are assigned to commercial items come from guidelines issued by the State of Kansas, Internal Revenue Service (IRS) publications and Marshall and Swift Valuation Services.
Businesses are also required to report any leased equipment they use. Listing the name and address of the leasing company is very helpful to the county appraiser so the item gets filed under the correct name.
Many personal property items belong to individuals are valued from market data. *Guidelines are provided by the State of Kansas to help establish market value as well as market data that is collected from our region. This market data is then used to establish the current value of a particular item along with it's age and condition. Oil and gas are also valued with the use of a guide published by the State of Kansas.
*Automobiles, light trucks and motorcycles are classed separately by the State of Kansas.