Schedule E       Calculation of Estimated Property Tax for Relevant Hospital Entity  
Attach to Form PTAX-300-H
Step 1:  Describe the property
	 	 Use	of	property  1
	 	 Address  2
	 	 Property	index	numbers  3
Step 2:  Provide the estimated land value
	  4   Total	assessed	land	value
Step 3:  Figure the estimated buildings value   
 5   Square	footage	of	building
 6   Marshall	&	Swift
x  x  x  x  x
	 	 Cost	Manual  x  x
 7   Total	replacement	cost
=  =  =  =  =  =  =
 8   Actual	age
 9   Adjusted     remaining	life
  10   Percentage of remaining life
x    . ___  ___  x    . ___  ___  x    . ___  ___  x    . ___  ___  x    . ___  ___  x    . ___  ___  x    . ___  ___
11     Assessment	factor  x  x
x  x  x  x  x
12   Assessed	buildings	value  =  =  =  =  =  =  =
Step 4:  Figure the total estimated assessed value 
  13   Land	value	(Line	4)
  14   Buildings	value	(Line	12)  +  +  +  +  +  +  +
  15   Total	estimated	value		  =  =  =  =  =  =  =
Step 5:  Figure the total estimated property tax 
16   Add	all	Line	15	totals	together.		  16  		________________
17   Multiply	Line	16	by	the	state	equalization	rate:		___________		  17  		________________
18   Multiply	Line	17	by	the	applicable	tax	rate:		___________			Write	this	amount	on	PTAX-300-H,	Line	19.	  18  		________________

 = Page 1 =
Instructions for Schedule E   
example,	a	hospital	with	a	remaining	life	of	28	years	is	
Step 2: Provide the estimated assessed 
divided	by	a	40	year	useful	life	to	obtain	a	percentage	
land value
of	70%.
Line 4 – Total assessed land value  	-	Determine	
Line 11 – Assessment factor   –	Write	the	assess-
a	square	foot	average	of	assessed	values	of	three	
ment	factor	for	the	county.
parcels	of	land	(not	including	farm	land,	and	excluding	
the	assessed	value	of	the	improvements	thereon)	that	
Line 12 – Estimated assessed buildings value  	–	
are	reasonably	comparable	to	the	property.		Multiply	
Multiply	Line	7	by	Line	10	by	Line	11.
this	average	by	the	square	foot	of	land	for	which	the	
exemption	is	sought.
Step 4: Figure the total estimated as-
sessed value
Step 3: Figure the estimated buildings 
value  Follow	the	instructions	on	the	form.
Line 5 – Square footage of building  	–	Calculate	the	
Step 5: Figure the total estimated prop-
square	footage	of	the	building	for	which	the	exemption	
erty tax
is	sought.
Follow	the	instructions	on	the	form.
Line 6 – Marshall & Swift Cost Manual  	–	Calculate	
the	replacement	cost	per	square	foot	for	Class	A	Aver-
age	building	found	in	the	most	recent	edition	of	the	
Marshall	&	Swift	Valuation	Services	Manual,	adjusted	
by	any	appropriate	current	cost	and	local	multipliers.
Line 7 – Total replacement Cost   –	Multiply	Line	5	
by	Line	6	to	obtain	an	estimated	replacement	cost	of	
building.
Line 8 – Actual Age  	–	Write	the	actual	age	of	the	
building.		
Line 9 – Adjusted Remaining Life   –	The	useful	life	
of	a	building	is	a	weighted	mean	life	based	on	origi-
nal	construction.		Hospitals	are	assumed	to	have	a	
40-year	life	and	other	types	of	buildings	will	use	the	
applicable	life	from	the	American	Hospital	Association	
publication	“Estimated	Useful	Lives	of	Depreciable	
Hospital	Assets”.		Hospital	buildings	older	than	35	
years	will	have	an	assumed	remaining	life	of	5	years	
and	hospital	buildings	newer	than	8	years	will	assume	
to	have	a	remaining	life	of	32	years.	Apply	the	same	
parameter	ratios	of	remaining	life	to	non-hospital	
buildings.
Line 10 – Percentage of remaining life  	–	The	ad-
justed	remaining	life	is	divided	by	the	useful	life.		For	

 = Page 2 =