The Assessor uses a cost approach to arrive at their opinion of market value. However, unlike income taxes that use the concept of depreciation, the Assessor uses a different valuation methodology. They use replacement cost new, less normal depreciation. In addition, as long as you own, possess or control fixed assets, they are assessable even if fully depreciated with a minimum percent good. This methodology is generally fairly accurate in assessing properties on a mass appraisal basis. However, it can cause some abnormally high assessments when the Assessor does not fully understand the unique nature of your fixed assets.
ACS has represented hundreds of taxpayers in personal property appeals and audits and has saved its clients millions of dollars in excessive taxes. The rules are very cumbersome, but the results of these efforts can save many dollars into the future, which all affect the bottom line.