Property taxation is the only form of taxation that is based upon an opinion. That is, an opinion of value. The State Board of Equalization approves three approaches to value in assessing real property, namely the comparable sales approach, the income approach and the cost approach. A successful appeal of property taxes starts with knowing how to use the evidence or facts with the approved tools (the appraisal process) and communicating an opinion of value to the Assessor or the Assessment Appeals Board.
General Aviation aircraft assessments are complicated. The Assessor is mandated to use either Blue Book or comparable sales. Unfortunately, comparable sales are very difficult to identify due to confidentiality agreements that do not allow for disclosure of transactions to third parties.