(A) All machinery, equipment or other tangible personal property purchased or owned by the town and/or its utilities which has a life of one year or more and a value of $5,000 or more, all real property purchased or owned by the town and/or its utilities and all capital improvements to real property having a cost of $5,000 or more shall be included on the town’s fixed asset inventory.
(B) All machinery, equipment or other property that qualifies for the town’s asset inventory shall be depreciated as allowed by law and/or as determined by the town’s accountant or tax advisor.
(Prior Code, § 34.01) (Ord. 2002-134, passed 9-10-2002; Ord. 195-2013, passed 11-12-2013)