Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


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P

630.0000 PERSONAL PROPERTY

Annotation 630.0049

630.0049 Valuation of Leased Property. Property Tax Rule 10(d) provides that, when property is leased for a period of more than six months, the property should be valued at the fair market value price that a customer at the same trade level as the lessee would pay to purchase the property. Property Tax Rule 10(b) describes the concept of full economic cost, under which a price would be adjusted for any quantity price discount that would be appropriate for a customer at the lessee's trade level. However, a lessor must demonstrate that the particular lessee of its property is leasing more than one item of property, in order for an assessor to consider a quantity discount when determining the full economic cost of the property to the lessee. C 3/25/2003.