I purchased a piece of equipment for $25,000 and have taken the one-time Section 179 Internal Revenue Code deduction. Must I report the equipment to the county assessor?

The equipment is subject to property taxation only in the first tax year after you take the federal deduction. If you purchased the piece in March, for example, then the equipment is subject to tax on January 1 of the following year and not thereafter. If the equipment is ten-year property, see Table 13 of the State Assessed Valuation Guideline.pdf. The assessor puts it on the tax rolls for the following tax year at 95.6% ($23,900) of the original cost. The taxable value is 1/3 or $7,967. Visit the IRS website.