Even though an asset is fully depreciated according to accounting standards, it is still required on the personal property statement. The State Tax Commission has set the depreciation multipliers for each year and section.Īll written-off equipment must be reported. For example, you would report a new desk purchased in 2019 for $400 on the 2019 line of section A (furniture and fixtures) at the cost of $400. The original costs of all assets must be reported on the original year of acquisition line. There are also various personal property exemptions available (*see below). Therefore, only these two individuals may receive copies of any previously filed statement. The information on the statement is confidential and discussed only with the person who signed the statement (usually the owner) or an authorized representative. The Personal Property Statement is an annual declaration of a business’s assets as of December 31 of the prior year (Tax Day). A blank form may also be downloaded from this site. If, for some reason, your business does not receive a blank statement, you should contact the Assessing Department to verify that the correct mailing address is on file. Reporting ProcessĪt the end of each year, the Assessing Department mails out blank Personal Property Statements to all known businesses except those continuing with less than $80,000 Small Business exemptions. You should file your required form after January 1, 2023, and up until the deadline. No change in ownership, location, condition, or taxable status of the assessable property after Tax Day affects assessment or liability for taxation, except as otherwise explicitly provided by statute. The location, condition, and attributes of assessable personal property and ownership of that property for tax assessment purposes during the subsequent year are determined as of Tax Day.
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