Given the following information, what is the approximate value the subject property? Adjustments Market conditions Market trend improved greatly, so adjust -1.00% (per past month) Lot size $ 25,000 (per acre) Effective age (years) - $1,000 (per past year) Living area (sq. ft) $45.00 (per sq. ft.) Bath $1,250 (per bath) Bedrooms $3,000 (per bedroom) Subject Prop. Comp. Prop. Time Sold Today Two Months Ago Lot size (ac.) 0.72 0.80 Effective age (years) 69 Living area (sqft) 2, 197 2,383 Bath 2.5 4.5 Bedrooms 4 3 Sales Price [Value ?] $488,000

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Tax Significance of Depreciation

While calculating taxes, depreciation is the method used to allocate the cost of a tangible or immovable asset over the useful life of an asset. In other words, allocate part of that cost to the times when tangible assets help generate revenue or sales. By recording the depreciation of an asset, depreciation reduces the amount of taxes a company or business pays in tax deductions.