The purpose of this report is to estimate capital and depreciation for municipal school buildings, and to analyze
variation in per capita depreciation for this type of capital asset. We find that per capita depreciation tends to
increase with per capita municipal incomes and with the share of population in school age, and decrease with
population size and density. The short-run effect of population growth is a decrease in per capita depreciation, while higher gross migration tends to increase per capita depreciation.
