true value
- The diminished monetary worth of personal property used in commerce, used to determine the tax liability of the property
- The tax assessor calculated the true value of the restaurant's furniture to determine the yearly property tax.
- The county's method of determining true value of equipment was questioned by local business owners, who argued it resulted in excessive taxation.
- The office equipment had depreciated greatly throughout the years, leading to a low true value which affected the business's tax liability.
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