OVERVIEW:
Based on
the experience gained with the implementation of
the first Billboard Structures Valuation Guide,
we have made revisions to the current manual to
reflect the changes in costs associated with the
construction of billboards. We feel these changes
will simplify the valuation process used by local
taxing jurisdictions and enhance the uniformity
and accuracy in the valuation of outdoor advertising
for mass appraisal purposes. In this manual, the
total value has already been determined with the
additional improvements included in the square foot
base cost. This cost per square foot has been extended
out to a total value for each specific class with
the billboard structure categorized by type of construction,
size and height above ground level. In addition,
a new depreciation schedule has been added to the
manual. The appraiser will locate the type and size
of each billboard, make any necessary construction
adjustments, and then apply the appropriate depreciation
to come up with a replacement cost new for assessment
purposes.
The Billboard
Structures Valuation Guide is effective for January
1, 2009. The methodology is based on current data
and is not applicable to prior years. Counties adopting
these schedules should consider this as a guide
for the mass appraisal of billboards, understanding
that it will not cover every possible sign type
and configuration.
The appraiser
may need to make additional adjustments for location,
conditions, and other structures not covered by
these schedules.
Beginning
in 2010, we will be adding building replacement
cost conversion factors to the 2009 Billboard Structures
Valuation Guide. We will establish 2009 as our base
index year. This factor will take into consideration
any changes in the cost to construct billboards
and will keep the manual updated on a yearly basis.
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