(a) All tangible personal property subject to taxation shall be assessed for taxation based on the original purchase price (new or used) including all costs such as freight and installation. Assets will be classified and depreciated as defined in this section.
(b) The following classification and depreciation table shall be used in determining the assessed value of tangible personal property.
Assets Shall Not be Trended
(c) Assets shall be classified on an annual basis by the Rhode Island Association of Assessing Officers’ Personal Property Committee based on the following table:
(d) Any industry, group, or asset not enumerated in subsection (c) of this section, shall be categorized as class II.