Understanding The Three Phases of Obsolescence and Personal Property Tax
March 26, 2014
When it comes to a business’ personal property assessments, there are three obsolescence concepts: economic, functional and physical. This means that personal property tax is based on the value of an asset and there are multiple methods for reducing the overall personal property tax for assets where obsolescence may exist, but have not been assessed properly.
Scott Tyler, a Principal in SC&H Group’s State & Local Tax practice, recently offered some key insights into obsolescence and personal property tax in the following podcast interview.
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