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Updated about 3 years ago,
Property tax/depreciation question
We are keeping our starter home as a rental. I know I can depreciate the house on my taxes, and that I have to account for it later if/when I sell the property. However, I know you are only supposed to depreciate the buildings, not the land, and my property taxes are a bit odd. When I got my property tax notice last year, it had been restructured. My lot is worth $580k and the "improvements" are listed as...$1000. We have a nicely remodeled house here, but I suppose land is just really valuable in Seattle.
I actually called the county ask about this back when I got the property tax update, and they said it was not an error.
Has anyone else encountered this?