How is the original cost determined?

The original acquisition cost should include any additional charges for transportation and installation. The cost of the asset should be the cost of the item as new. This cost should be an arm's length value that has been neither discounted nor determined by an auction sale. When purchasing used equipment the value that is paid for the item is the depreciated amount not the original cost.

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1. Who is required to file a Personal Property Declaration?
2. What must be declared to the Assessor’s Office?
3. What is Personal Property?
4. What are goods, chattels and effects?
5. What are examples of “Personal Property” that I must declare?
6. I just do some work part-time. Do you really think I am a business?
7. How do I complete the Personal Property Declaration?
8. Do I have to file a Personal Property Declaration every year?
9. When do I have to file the Personal Property Declaration?
10. What happens if I file late?
11. Can I get an extension?
12. What if I don’t file the Personal Property Declaration?
13. Does my signature need to be notarized?
14. How is the Personal Property Assessment calculated?
15. How is the original cost determined?
16. What if I don’t remember what I paid for these things?
17. What if I don’t know what these things cost because they were gifts?
18. Can anyone see my Personal Property Declaration?
19. How do I appeal my Personal Property Assessment?
20. What if I sold, closed or moved my business out of Wolcott?