I have a question I have not been able to find a clear answer to, I purchased a rental property in 2019 that had a tax valuation of 278,900 for land and improvements. It was calculated as 149,900 for improvements and 129000 for land. I filed my taxes last year and calculated the cost basis as 53.75% of my total purchase cost for depreciation. Fast Forward to 2021 and after a town wide reevaluation, my property is assessed at 396,000 with 265,600 for improvements and 130,400 for land. If i figure out my cost basis based on the new numbers my cost basis would be 67.07% of my total purchase cost. This would essentially give my a larger amount of depreciation over 27.5 years and reduce my tax liability. Being that I already filed based on the 53.75% last year, is there anything that can be done to adjust this?
