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Entering a Personal Property Rendition for a Single Property

Procedure

Use this procedure to enter renditions for a single property record.

Subsegments

In addition to entering segments, you also have the option of entering subsegments on the Detail Segment: <#> for Personal Property dialog box (described in Step 5 below). Some CADs may choose to use subsegments either to roll up totals into the segments or to use only cost depreciation since it is not possible to depreciate the original cost at the segment level.

Prerequisites

The Suppress Personal Property Info user right is not selected as a current user right. For more information about user rights, see the User Rights User Guide.

Procedure

  1. In PACS Appraisal, open a personal property record and then click the Rendition tab.
  2. In the Renditions section, click New.

    The Property <ID> -- Rendition Detail for 2018 dialog box is displayed.

    PP_RendDetail

  3. Complete the fields as required.

    Selected Descriptions

  4. In the Segments section, click New.

    The Detail Segment dialog box is displayed.

  5. Do the following to enter details and values for a segment:
    1. On the General tab, verify the type and state code. (These are the only required fields.) If required, complete other fields and use other options such as:
      • Rendered Value –Value provided to the ARB.
      • Identification –Vehicle information can be entered here, but is typically handled at the subsegment level.
      • Owners button –Displays owners when there are two or more owners for the property.

      Note To set segment ownership for any of the segments, use the Owner tab on the property record.

      • Entities button –Displays the entities for the property.

      Note The Set Percentages dialog box is displayed when you click Owners and Entities. Use this dialog box to enter the percentage of the owner or entity that the segment has.

    2. Click the Appraised Value tab. To add a new value method, click Add. Then select one of the market valuation methods listed below and use other options as required.

      Market Valuation Method

      • Special Pricing –Value for an item that does not require a schedule; allows you to enter a flat-valued unit cost.
      • Sub Segment –Values a segment based on subsegment values.
      • Original Cost –The original purchase price.
      • Flat Value –The flat value you enter for the segment.
      • Rendered Value –The value that the taxpayer renders to your CAD.
      • Appraised Value –Calculated value if segment is valued with a table.
      • Market Value –What the segment sells for.
      • ARB Value –Value assigned by the Appraisal Review Board using the ARB distribution.
      • Distribute Value –Value set by using the Distribute Value button in the Values tab of the property record, which allows you to set a market value for the property and then distribute it over all the personal property records.

      Example An appraiser agrees to change the value from $250,000 to $200,000, but there are 10 segments, and each segment needs to be adjusted. The Distribute Value option on the Values tab of the property record allows the user to select the value of $200,000 and distribute it.

      Note To enable the Depreciation Table button, select Override.

  6. Click the Sub Segments tab and use the following options as required.

    PP_Subsgmnt2

  7. Click OK.

    The Property <ID> - Rendition Detail for 2018 dialog box is displayed again.

  8. To set a rendition as the most current and correct rendition, select the Set Active check box.

    Note You can have multiple renditions on a property and use the Set Active check box to select one of them as the active rendition.

  9. Click OK.