Personal Property Tax

County Bulletin

TO: ALL COUNTY AUDITORS  - Bulletin No. 182

FROM: Stanley J. Bowers, Tax Commissioner

RE: Revenue Procedure 62-21

DATE:  November 28, 1962

Subsequent to the publication of Revenue Procedure 62-21, this Department has given careful and studied consideration to the depreciation guidelines therein set forth with a view to determining their acceptability for determining the true value of tangible personal property for Ohio personal property tax purposes.

Based upon our review thereof and upon continuing studies of the relationship of determined true value to net book value of machinery and equipment for selected industries, it is the position of this Department that such depreciation guidelines will not be acceptable for purposes of determining the true value of depreciable property for Ohio personal property tax purposes. This Department will, accordingly, adhere to its published prima facie rates of depreciation and its long established and judicially approved true value (302) computation in determining the true value of tangible personal property.