The authors demonstrate how using the process of adjusting a leased asset to an “owned equivalent” overvalues firms causing excess property tax liability. This process also creates an imbalance in debit and credit entries that are inconsistent with accounting procedures.
Income approach to value, Capitalization
Hamilton, T., & Vang, D. O. (2008). Accounting for operating leases in unit valuation appraisal. Journal of Property Tax Assessment & Administration, 5(3), 25-35. Retrieved from https://researchexchange.iaao.org/jptaa/vol5/iss3/2