Parcel Depreciation

I am looking into my first piece of investing property and I ran across a couple of things I did not understand. I was hoping someone could help me.



Depreciation

Bldg Physical Functional Economic Special

1 AV - 39%



Does AV - 39% mean the house is worth 39% less now than last year?



One reason I came to this conclusion is these couple of line:

Value Changes

Notice Date Tax Year Reason Changed To

Jan 17 2003 2003 Countywide Revaluation 77500 0

Jan 5 1998 1998 Countywide Revaluation 85970

Jan 2 1991 1991 Countywide Revaluation 61480



The tax value decreased from ~85.9k to 77.5k



I was hoping some one could shed some light.



Thank you,



Terence

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