Additional Structures – They Matter!

by Jennifer A. Kolbasinski

Ever wonder why your property schedule is divided into two separate sections? What goes where and why?

The Building section identifies permanent structures that have been, or will be, formally valued via the Marshall & Swift/Boeckh Commercial Valuation Service used by TASB. Once inspected, a building report is created, a building number is assigned, and each year thereafter the building is revalued through the valuation program for up-to-date replacement cost. 

Additional Structures consist of portables, storage, equipment sheds, and all auxiliary items located throughout your property and are not formally appraised through the commercial valuation software. This section also includes sports facilities such as: football stadiums, baseball and softball complexes, bleachers, press boxes, concession stands, lighting, tracks, and scoreboards. 

The values listed for Additional Structures are reported by you when the items are first added to the schedule. They are updated periodically either when an inspection is scheduled or when you report upgrades or additions that require increasing the values. Existing items replaced by a newer structure should be reported so that the values can be adjusted accordingly.

Often outlying properties are overlooked when reviewing the property schedule. Take a moment this summer to look around your property and make sure all of the structures are easily identified and clearly listed on your property schedule.

Program Administration/Property Appraisal is here to make your job easier! Please call us at 800.482.7276, extension 6152