Value Methods

Jurisdiction Specific Information

California

• A valuation method called Recommended Maximum Valuation has been created, and accounts are now valued using this valuation. The formula for this is: 1.) If Age > Economic Life, then multiply Economic Life by 125% to find the Computed Age; 2.) If Age < Computed Age, then use the Computed Age against the normal Value Factor table to determine the factor, 3.) If Age > Computed Age, then use the Age against the normal Value Factor table. When revaluing an asset and clicking Save on the Maintain Assets screen (Personal Property Appraisal > Assets > search/select > Maintain Assets), the system uses the acquired date to determine the age of the asset and check the Economic Life versus the age of the asset. The Recommended Maximum is then used to determine the Computed Age. The Computed Age is compared to the Age of the Asset. Using the Computed Age, the system determines the value factor from the Computed age and value schedule. The Computed Age is used to find the Percent Good Schedule to use. The acquired cost, value factor and percent good are multiplied to determine the Appraised Value. If the asset does not meet the Recommended Maximum Valuation rules, when clicking Save, the Acquired Date is used to determine the age of the asset. The system checks the Economic Life versus the Age of the asset and uses the Recommended Maximum to determine the Computed Age. The Computed Age is compared to the Age of the asset. The value factor is then determined from the Age of the Asset and the value schedule. The system takes the Age of the Asset to find the Percent Good Schedule to use. The acquired cost, value factor and Percent Good are multiplied to determine the Appraised Value. To accommodate this, a new Value Method Schedule was set up with the Age Type = Maximum age. A new Recommended Maximum Factor application setting was created to define the maximum factor. A new Value Age column was added to the Summary grid of the Maintain Assets screen (Personal Property Appraisal > Assets > search/select > Maintain Assets. In addition, the Valuation tab on this screen includes a new Recommended Maximum Override checkbox that when checked allows overriding this valuation method. NOTE: This checkbox displays only when the State Abbreviation System application setting is set to CA.

• SETUP: Go to Configuration > Application Settings > Maintain Application Settings. Select the setting type of Effective Date and the filter by module of Personal Property Appraisal. Click Edit on the Recommended Maximum Factor application setting and set as applicable. NOTE: The value should be set to > 1. Next, click Edit on the State Abbreviation System application setting and set it to CA to enable the Recommended Maximum Override checkbox on the Maintain Assets screen.

Riverside

• The ability to apply the BOE recommended percentage adjustment to the third party valuation as well as for value adjustments for condition, sales tax, additional depreciation, etc., is now available. To accommodate this a new valuation method has been created.

• During value calculations, if the value methods are set up, Aumentum optionally auto adds a value modifier based upon an object behavior when performing batch or individual calculation. A warning message is then displayed: 'Modifier auto added for x assets' (where x = count of assets getting modifier added).

• During value calculations, if value methods are set up, Aumentum replaces the value modifier based upon an object behavior if it already exists when performing batch or individual calculation. A warning message is then displayed: 'Modifier auto modified for x assets' (where x = count of assets getting modifier added).

• When performing batch or individual calculation, the value from the modifier default value is applied as the new value when the value methods are set up to include value modifiers, the object behavior is set up to auto apply the given modifier during valuation, and a default modifier value is set up in the PPAModifierDefn table. NOTE: This is configured by the BA and is not editable at present by the user.

• When the modifier already exists and the modifier matches the definition, the modifier is not updated.

• When the modifier already exists and the modifier does not match the definition, the modifier is updated (replaced).

• Setup: To configure an external valuation source, go to Personal Property Appraisal > Setup > Value Methods > Maintain Value Methods. Select Value Schedule Configuration from the Type field in the Value Method panel when editing an existing value method and then select the existing value method types for the Value Type Input or select the value schedule configuration for the Value Type Input. To configured the Appraised Modifiers, select Value Schedule Configuration from the Type field in the Value Method panel. When editing the value method step, apply the value modifier by selecting it from the Appraised Modifier drop-down list. To configure an external value method to allow 'Calc Value Basis' as input and output value types, select Value Schedule Configuration as the Type and select 'Calc Value Basis' from the Value Type Input drop-down list and from the Value Type Output drop-down list.