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Functional Obsolescence and Economic …
Www .willamette .com INSIGHTS SUMMER 2012 81 Functional Obsolescence and Economic Obsolescence Considerations in the Property Tax ValuationRobert F. Reilly, CPAAd Valorem Property Tax InsightsRapid technological changes have caused many industrial and commercial properties to experience Functional Obsolescence . The prolonged weak economy has caused many industrial and commercial properties to experience Economic Obsolescence . Taxpayer property owners should recognize such Obsolescence in the valuation of their complex, special purpose properties and, if appropriate, appeal their ad valorem property tax assessments. This discussion summarizes considerations for the taxpayer property owner (and for the valuation analyst) with regard to both the identification and the quantification of Obsolescence at large scale industrial and commercial the national economy continues in the doldrums of a prolonged and slow recovery from recession, state and local governments typically look to ad valorem property tax receipts as a major source of revenue.
www .willamette .com INSIGHTS • SUMMER 2012 81 Functional Obsolescence and Economic . Obsolescence Considerations in the Property Tax Valuation
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