Depreciation of property

[Jeremy H.]

As a rental property owner I found there is something new to deduct which is not available from a owner occupied property..  which is depreciation of the rental property.

My understanding is that you get that years overall assessed value - land value as stated on the property tax bill (for that year?)  and divide by 27.5 .   Is this correct?        In CA the property tax bill is adjusted annually, so is this number different each year?  So if the building value is $200,000 I would be able to deduct $7272?   That's seems to make a big difference in the federal tax next year.

I have also learned the appliances and replaced items at the property can be depreciated as well.  I read the IRS page it was not so clear to me so I am still trying to learn.

There is also something about recapturing the capital gain from the depreciation you took if you sell the property.. can anyone give me an example?