Value Schedules Value Schedules

Navigate: Closed Personal Property Appraisal > Setup > Value Schedules

Description

Use the Value Schedules task to maintain value schedules for the Personal Property Appraisal module. Value schedules define depreciation schedules, which are used to calculate an asset's value based upon its age. For each year in an asset's useful life, the value schedule defines a percentage or dollar amount to use to calculate value. Typically the percentage/dollar amounts decrease with each year; the asset's value decreases as it gets older.

Add a New Value Schedule

  1. Click New. The Add/Copy Value Schedule page displays.

    • Enter a short description for the value schedule in Code.

    • Enter a long description for the value schedule in Description.

      NOTE: The year defaults automatically to 1776, which is the beginning of time for Aumentum. Subsequent years can be defined using the Copy feature.

    • Click Apply to return to the Maintain Value Schedule screen.

  2. Enter the Useful life. This is the life of the asset over which its value will be depreciated.  For example, a schedule could be configured for a 20-year life starting at 100% of value, and then reduced to a lower percentage defined by the state.  For ages older than 20 years, the value would not continue to be depreciated; it would remain at the last defined percentage. The state typically defines the schedules for the jurisdictions to use for depreciating the value of the assets. The number entered in useful life determines the number of lines in the age grid, which automatically displays when you tab out of this field. The number of lines that appear depend on the useful life value. For example, if the useful life is 2, the following lines are added to the age grid:

    • Age 0 (less than one year)

    • Age 1

    • Age 2

    • Residual (all years greater than 2)

  3. Select the Schedule indexed type from the drop-down list. This is for the purpose of indexing Cost Factor and Economic Life.

    NOTE: This may not apply to your jurisdiction.

    If indexed by:

    • Economic Life, enter the Economic Life.

    • Industry,  select the Industry from the drop-down list.

      NOTE: The Industry list is defined by your Aumentum Implementation team and is jurisdiction specific.

  4. Check the Active checkbox to activate and inactivate the value schedule. This is checked (active) by default.

  5. Click Edit in each age row and enter the data required to calculate value for that age. If the value is calculated based on a percentage, enter data in the % Good column; if the value is a dollar amount, enter data in the Value per UnitQty column. Be sure to fill in all rows.

    • % Good - Enter the asset's value, as a percentage, for each age. Negative percents are not allowed and results in an error message. Typically, age 0 is 100% and then each additional age is a reduced percentage. For example:

      • Age 0 = 100.0000000000

      • Age 1 = 90.0000000000

      • Age 2 = 80.0000000000

      • Residual = 70.0000000000

      Acquired Cost, Less Depreciation is an example of a valuation type that uses % good. The asset's value is calculated as the cost multiplied by % good for the age of the asset.

  6. Value Factor - Enter the per unit dollar amount for each age. This amount is multiplied by the asset's size (i.e., square footage). Typically, the dollar amount is higher when the asset is new and decreases at the asset ages. For example:

    • Age 0 = 15.00

    • Age 1 = 12.00

    • Age 2 = 10.00

    • Residual = 7.00

    The Unit Quantity valuation type uses Value per unit/qty. The asset value is calculated as its size multiplied by Value per unit qty for the age of the asset. See Personal Property Valuation Types for more information.

  7. Click Save to save the new value schedule.

Edit an Existing Value Schedule

  1. Click  on the value schedule in the Value Schedules panel. The tax years for which the schedule has a definition displays to the right.

  2. Click the Year you want to view or modify. The Code, Description, Useful life, Indexed By, Economic Life/Industry, and Active checkbox information displays to the right, and the age grid displays the current values in the schedule. Edit any of these fields as applicable.

  3. Click Edit on the item.

    • Edit the data as applicable

    • Click Apply to apply your change.

  4. Click Save.

Copy a Value Schedule

  1. Click  on the value schedule in the Value Schedules panel.

  2. Click Copy. The Add/Copy Value Schedule page displays.

  1. Enter the year you want to copy.

  2. Click Apply to return to the Maintain Value Schedules page on which you will see the added year in the Year panel.

  3. Edit the schedule for the new year as necessary.

  4. Click Save.

Inactivate/Reactivate a Value Schedule

  1. Select the value schedule.

  2. Select the year.

  3. Select and deselect the Active checkbox to activate and inactivate the value schedule. When the checkbox is selected and contains a check mark, the schedule is active. When the checkbox is blank, the schedule is inactive.

  1. Click Save.

Maintain Late Filing Penalty Dates/Percentages

NOTE: This may not apply to your jurisdiction.

The ability to maintain late filing penalty date ranges and percentages by tax year for personal property accounts is also available.  To accommodate this, the Maintain Value Schedules screen accepts selection of date range schedule by tax year.

  1. Click New to navigate to the Add or Copy Value Schedule screen.

    • Define a Code, Description, Schedule Type of Date Range

    • Click Apply to return to this screen. Note that the default year is 1776.

  2. Select either percentage or amount as the Factor type

  3. Enter the Factor value for the From/To date ranges.

  4. Click Add to add additional date range rows.

  5. Click Copy to navigate to the Add or Copy Value Schedules screen.

    • Enter the Tax Year to save the schedule to the applicable tax year. Click Apply.

Tips

After you save a value schedule for a particular tax year, the schedule is available for all subsequent tax years.

If needed, each valuation schedule can be used by more than one valuation method. Your jurisdiction defines its valuation methods.

Dependencies, Prerequisites, and Setup

  • Configuration > Application Settings: The Personal Property Appraisal effective date Boolean application setting Disable Prior Tax Year Schedules determines whether you can edit personal property Value Schedules for tax years that end prior to the current calendar date. When set to True, you cannot edit Value Schedules for tax years that end prior to the current calendar date cannot be added or edited. The default is false, meaning you are by default able to edit Value Schedules for tax years that end prior to the current calendar date.

  • After value schedules are set up, you can create and maintain value methods.