Page 710

House Bill No. 5506

Public Act No. 22-118 710 of 739

amount less than five hundred dollars:

Percentage of

Manufacturer's Suggested

Age of Vehicle Retail Price

Up to year one Eighty per cent

Year two Seventy-five per cent

Year three Seventy per cent

Year four Sixty-five per cent

Year five Sixty per cent

Year six Fifty-five per cent

Year seven Fifty per cent

Year eight Forty-five per cent

Year nine Forty per cent

Year ten Thirty-five per cent

Year eleven Thirty per cent

Year twelve Twenty-five per cent

Year thirteen Twenty per cent

Year fourteen Fifteen per cent

Years fifteen to nineteen Ten per cent

Years twenty and beyond Not less than

five hundred dollars

[(7)] (8) The present true and actual value of leased personal property other than motor vehicles shall be determined in accordance with the provisions of this subdivision. Such value for any assessment year shall be established in relation to the original selling price for self- manufactured property or acquisition cost for acquired property and shall reflect depreciation in accordance with the schedules provided in subdivisions (3) to (6), inclusive, of this subsection. If the assessor is unable to determine the original selling price of leased personal property, the present true and actual value thereof shall be its current