Why must sales tax and freight and installation costs be included in the reported cost? Yes I agree replacement cost is important if a total loss of your personal property would put you in a bad situation; in most insurance markets.We'll pay the replacement cost for items at the time of loss, then up to the full amount of the cost in today's market in the event of a covered loss. Personal Property: is, for California property tax purposes, all property except real property. Completing the Business Property Statement (Form 571L). A look at claims payments for loss of dwellings and personal property, including calculations for replacement cost, actual-cash-value and depreciation. Where can I obtain assistance in completing the BPS? A replacement cost policy typically pays the dollar amount it will take to buy a new item at the time of a claim. We're considering getting rid of it since we already have Personal Property coverage under Section 1 C. Page provides an overview of taxable (assessable) property.
