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Appraising Textile Equipment Miscellaneous Personal Property Topics NCDOR Advanced Personal Property Seminars Greensboro, NC September 13-15, 2010 Gregg Martin, Property Tax Division North Carolina Department of Revenue Treatment of Textile Mill Equipment During the Late 1980s Equipment manufactured prior to 1985 was treated differently than other industries Residual value was set at 15 % This was due to significant technology changes in yarn spinning, knitting and weaving Treatment of Textile Mill Equipment For Tax Year 1990 a modification occurred The application of 15 % residual value was limited to equipment manufactured prior to 1981 This treatment continued until Tax Year 2000 Treatment of Textile Mill Equipment For Tax Year 2000 a modification occurred Reference to date of manufacture removed Residual value remained at 15% A separate section of Schedule A was created for Textile Mill Equipment and Dye and Finish Equipment Treatment of Textile Mill Equipment For Tax Year 2002 a modification occurred Residual Value was established at 10% No reference to year of manufacture Treatment of Textile Mill Equipment For Tax Year 2003 a modification occurred Residual Value was set at 5% New Description of Idle Equipment The Textile Mill Equipment and Dye and Finishing Equipment section of Schedule A decreased percent good factors by 8-15% per year prior to residual value Treatment of Textile Mill Equipment For Tax years 2004-2009 there were no modifications to the treatment of Textile Mill Equipment and Dye and Finishing Equipment from guidelines established for Tax Year 2003 Treatment of Textile Mill Equipment For Tax Year 2010 a modification occurred Special Sub-schedule for Textile Mill Equipment and Dye and Finishing Equipment was moved to memorandum from Schedule A Counties encouraged to determine applicability of Special Sub-schedule Analysis of Textile Mill Equipment Textile mill equipment is used in the manufacture of Spun Yarn and Woven and Knit Fabr