Basis = what someone has paid or invested. That Base Value is your Cost, in other words. Certain improvements are added to basis, such as, if you add on a nice deck. Other costs are repairs, such as one broken window would be repaired, but changed windows and doors, putting in a slider, etc are improvement.

The word Depreciation = wears out over time. The money you pay for electricity is POOF! All gone, already. The money you put into Real Property is right there, still in front of you, in the building and the improvements. But they are considered to be wearing out over time, so the tax regulations give you some consideration for this "wear and tear over time" and that is per the IRS schedule for the type of property and the use, and that is Depreciation. It calculates an amount that reduces your Basis, because you get to take it as Expense that tax year. Each year, then, your Basis goes down out of consideration for the amount you wrote off.

That has nothing to do with Tax Base, mill levies, FMV, etc. All of this stuff is the related financial perspective around your real estate.

And...

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