Any exemption applied to property under Regulation .02B of this chapter is based on its depreciated value. Any exemption applied to property under Regulation .02C of this chapter is based on the cost of replacement, repair, or retrofit of the equipment minus the depreciated value of the equipment replaced, repaired, or retrofitted. Partial exemptions described in this chapter are calculated using standard depreciation as determined by the Department. Certified pollution control property is depreciated and subtracted from the depreciated cost of electric generation machinery and equipment. The taxable portion of the partial exemption (95 percent exempt; 5 percent taxable) is depreciated and added to the assessment.