Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
100.0050 Valuation. Cost for assessment purposes is full economic cost, which includes all market costs, both direct and indirect, and which includes sales tax or use tax. Case law has established that sales/use tax is a component of full economic cost. Thus, for property tax purposes, if sales/use tax is applicable to similar consumers using aircraft at a similar trade level, sales/use tax is to be included in the assessment, even when it was not paid at the time of sale/purchase because the Board of Equalization through its Sales and Use Tax Department found the transaction exempt from sales tax or use tax pursuant to the provisions of the Sales and Use Tax Law. C 9/26/2001.