The schedules do not apply to property owned by public utility companies. A municipality's legislative body may adopt the schedules, for use in subsequent assessment years. The act also permits local assessors to make adjustments to property values if the appropriate depreciation schedule does not accurately reflect a property's present and true value.
Taxpayers have the right to appeal tax assessments.
A municipality adopting the depreciation schedules established in the act must value property based on its cost of acquisition, including transportation and installation cost or by its cost of development, including production and installation costs. The following tables list the depreciated values for different types of equipment. The values are given as percentages of the original costs. In general, leased personal property follows the same depreciation schedules given above. The property's initial value is either its original acquisition cost or the original selling price if the item is self-manufactured.