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Office of Financial Services > Accounting Services > Frequenty Asked Questions Property Control > Asset Management System

 

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Asset Management System 

Question

Why does the original value still appear on property records when they are old and aren’t worth that amount anymore? 

Answer

Florida Statute 274.02 allows the Chief Finance Officer to establish the rule requirements for recording property.  According to rule 69I-73.003, each property record must be recorded at the original acquisition cost and that amount cannot be reduced by depreciation. 
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Created at 10/22/2010 11:36 AM  by Moses, Linda@Accounting Services 
Last modified at 10/22/2010 11:36 AM  by Moses, Linda@Accounting Services