2009
Valuation Schedules
Class
24 – Leasehold Improvements
Leasehold
Improvements are defined as improvements to real property installed
by a tenant. Such improvements may include:
| Walls
& Partitions |
Electrical
Wiring & Fixtures |
| Plumbing
Rough-in & Fixture |
Ceilings,
Suspended or Acoustical |
| Floor Coverings
(not carpet) |
Heating
and Cooling Systems |
| Store Fronts |
Iron or
Millwork Trims |
| Decoration
and Art Work |
Other Leasehold
Improvements |
The
following schedule is recommended for valuing Class 24 property
in the 2009 assessment year:
|
Year of Acquisition |
Percent Good of Acquisition Cost |
| 2008 |
94% |
| 2007 |
88% |
| 2006 |
82% |
| 2005 |
77% |
| 2004 |
71% |
| 2003 |
65% |
| 2002 |
59% |
| 2001 |
54% |
| 2000 |
48% |
| 1999 |
42% |
| 1998 |
36% |
| 1997 and
prior |
30% |
Repair, maintenence
and painting of existing improvements are not leasehold improvements.
Fixtures which may be removed without damage to the building should
be reported as Class 5, Furniture and Trade Fixtures.
Note:
Class 24 Schedule is used only with leasehold improvements made
to exempt property where the exemption does not apply to those improvements.
See Tax Commission Administrative Rule 884-24P-32(C).
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