42-13054. Taxable value of personal property;
depreciated values of personal property in class one and class
two (P)


A. The taxable value of personal property that is valued by the county assessor is
the result of acquisition cost less any appropriate depreciation as prescribed by tables
adopted by the department. The taxable value shall not exceed the market value.


B. Except as provided in subsection C of this section and notwithstanding any other
statute, the assessor shall adjust the depreciation schedules prescribed by the
department as follows to determine the valuation of personal property:


1. For personal property that is initially classified during tax year 1994 through
tax year 2007 as class one, paragraph 8, 9, 10 or 13 pursuant to section 42-12001 and
personal property that is initially classified during tax year 1995 through tax year 2007
as class two (P) pursuant to section 42-12002:


(a) For the first tax year of assessment, the assessor shall use thirty-five per
cent of the scheduled depreciated value.


(b) For the second tax year of assessment, the assessor shall use fifty-one per
cent of the scheduled depreciated value.


(c) For the third tax year of assessment, the assessor shall use sixty-seven per
cent of the scheduled depreciated value.


(d) For the fourth tax year of assessment, the assessor shall use eighty-three per
cent of the scheduled depreciated value.


(e) For the fifth and subsequent tax years of assessment, the assessor shall use
the scheduled depreciated value as prescribed in the department's guidelines.


2. For personal property that is initially classified during or after tax year 2008
as class one, paragraph 8, 9, 10 or 13 pursuant to section 42-12001 and personal property
that is initially classified during or after tax year 2008 as class two (P) pursuant to
section 42-12002:


(a) For the first tax year of assessment, the assessor shall use thirty per cent of
the scheduled depreciated value.


(b) For the second tax year of assessment, the assessor shall use forty-six per
cent of the scheduled depreciated value.


(c) For the third tax year of assessment, the assessor shall use sixty-two per cent
of the scheduled depreciated value.


(d) For the fourth tax year of assessment, the assessor shall use seventy-eight per
cent of the scheduled depreciated value.


(e) For the fifth tax year of assessment, the assessor shall use ninety-four per
cent of the scheduled depreciated value.


(f) For the sixth and subsequent tax years of assessment, the assessor shall use
the scheduled depreciated value as prescribed in the department's guidelines.


C. The additional depreciation prescribed in subsection B of this section:


1. Does not apply to any property valued by the department.


2. Shall not reduce the valuation below the minimum value prescribed by the
department for property in use.