How is depreciation handled at a refinancing?

[Arthur Schwartz]

Hello!  I want to pose a hypothetical example.  If I buy a rental property for 200K where land is valued at 50K and building at 150K. then i can depreciate the building at about 3.6% annually or $5455 in dollars.  Lets say the building increases in value to 300K and I do a refi.  Lets say the building is now appraised at 240K, land at 60K.  Does the depreciation start fresh on the 240K or now $8727 annually?  Or does it stay at $5455 until the building is sold?  (I am new and have not done any deals).