Rental depreciation math assistance

[Justin Ross]

Hi folks, 

First year with a rental under my belt. I'm in Englewood, CO (Arapahoe county) and bought a condo for 164K. It was occupied by a tenant during 2018 and I'd like to leverage the depreciation tax benefit. It's my understanding that I can divide the building value by 27.5 and that's my deductible tax depreciation. 

The taxable assessment (land + additions) showing on redfin/zillow/etc. equals $12,362.

I assume that means the value of my building comes to 151,638 (164,000 - 12,362)... therefore I can take the 151,638 and divide by 27.5 for a $5,514 yearly depreciation deduction. 

I've scoured through a few different forums and feel like this is the correct approach, am I correct? Would appreciate any insight!