About Property TAX/Urban Renewal Android App
AGING THE PROPERTY IS CALLED Depreciation - a means of measuring property "wear and tear" thereby reducing the taxable value of the home.
The local tax appraiser uses VISUAL inspection to measure "wear and tear" instead of using mathematical methods derived from Generally Accepted Accounting Principles (GAAP), which reveal INVISIBLE age related property deterioration.
Don't be fooled when property tax appraisers talk about %GOOD. That means it looks good but overlooks invisible age related structural "wear and tear".
FORMULA:
%Depreciation = Age of home / Life expectancy
%Good = 100% - %Depreciation
When we look-around we might have the OPINION that the average person is 80% GOOD.
When taxmen look-around they have the OPINION that the average home, if occupied, is 80% GOOD, REGARDLESS of age.
HEREIN lies the problem the taxmen use an 80% GOOD artificial depreciation cut-off instead of letting the depreciation run to conclusion. Older properties are valued as almost new.
In the application, enter:
1. The age of your home
2. The tax departments %GOOD estimate
3. Calculate how long they expect your house to last (life expectancy).
--->Then put in your own estimates and see the difference.
LIFE EXPECTANCY should be:
SLAB foundation, 50 year life
PIER & BEAM (wood), 50 to 70 year life
If it comes out 100 or 200 year life expectancy - you are being over taxed!
Other Information:
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This version of Property TAX/Urban Renewal Android App comes with one universal variant which will work on all the Android devices.
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