When do I have to report the mileage?

By February 1 of each year, report the mileage of the vehicle as of January 1 for any assessment reduction to be applied to current year.

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1. How much will it reduce my assessment?
2. When do I have to report the mileage?
3. Can I still report after February 1?
4. My vehicle has over 130,001, will I need to continue to report?
5. Does this apply to all tangible property?