Personal Property Assessments Rising

[1955]

I bought my used truck 2 years ago for $31K and now the county assessor has me bumped up to $40K. I always thought the personal property was always a downward trend regardless of the market.

Can they do this?

I know I can file an appeal & have done so in the past with success but with the way the market is with trucks right now I’m sure my standard arguments will hold up.
So do they have rules they go by that I can use?

Thanks

 

[StarSong]

That's very interesting, @1955. My registration (based on vehicle value) has not gone up since the bump in car values. I'd think that practice would cause a mini revolution, or at least a storming of the county assessor's office...

Wondering if it's happening elsewhere or if your assessor is an anomaly.

 

[jakbird]

I bought my used truck 2 years ago for $31K and now the county assessor has me bumped up to $40K. I always thought the personal property was always a downward trend regardless of the market.

Can they do this?

I know I can file an appeal & have done so in the past with success but with the way the market is with trucks right now I’m sure my standard arguments will hold up.
So do they have rules they go by that I can use?

Thanks

For accounting purposes you can depreciate the truck if used for business, so yes it goes down to zero after a number of years. However, the tax beast has an insatiable appetite and will find any means necessary to feed it. Every year my house gets older, yet it becomes ever more valuable for tax purposes.

 

[1955]

Every year my house gets older, yet it becomes ever more valuable for tax purposes.

Yeah I understand real estate appreciates but personal property normally goes down to junk. Where I'm at they freeze your real estate tax after age 65 unless you do major improvements. I just thinks its wrong to appreciate personal property!