Page 709

House Bill No. 5506

Public Act No. 22-118 709 of 739

As Percentage

Assessment Year Of Acquisition

Following Acquisition Cost Basis

First year Ninety per cent

Second year Eighty per cent

Third year Seventy per cent

Fourth year Sixty per cent

Fifth year Fifty per cent

Sixth year Forty per cent

Seventh year Thirty per cent

Eighth year and thereafter Twenty per cent

(6) The following schedule of depreciation shall be applicable with respect to all tangible personal property other than that described in subdivisions (3) to (5), inclusive, and subdivision (7) of this subsection:

Depreciated Value

As Percentage

Assessment Year Of Acquisition

Following Acquisition Cost Basis

First year Ninety-five per cent

Second year Ninety per cent

Third year Eighty per cent

Fourth year Seventy per cent

Fifth year Sixty per cent

Sixth year Fifty per cent

Seventh year Forty per cent

Eighth year and thereafter Thirty per cent

(7) For assessment years commencing on or after October 1, 2023, the following schedule of depreciation shall be applicable with respect to motor vehicles based on the manufacturer's suggested retail price of such motor vehicles, provided no motor vehicle shall be valued at an