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2008 Personal Property New Taxpayer Return 920NT - Ohio
| 2008 Personal Property New Taxpayer Return Form. This is a Ohio form and can be used in Auditors Office Geauga County (Court Of Common Pleas) . |
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Form 920NT Rev. 11/07 2008 Personal Property New Taxpayer Return File this return in duplicate with your county auditor within 90 days of starting business. No payment is required if the total tax due is less than $2. If the return is received late, the assessor will add a penalty of up to 50% of the remaining listed value after the full $10,000 exemption is applied. NOTICE Taxing District You must list your property in the taxing district where it is located and show the complete name and number of the taxing district. Taxing district names normally consist of a township, city or village, and school district. Cities may have more than one school district. Taxing district numbers vary by county. If you do not know your taxing district, check your real estate bill or contact your county auditor. American LegalNet, Inc. www.FormsWorkflow.com Administration of the Personal Property Tax Each county auditor places on their county's general tax list the values presented by each single county taxpayer as filed on the annual returns, and the intercounty values preliminarily assessed by the tax commissioner. A duplicate of this list is presented to the respective county treasurer for the preparation and mailing of tax bills, and the subsequent collections. Preliminarily assessed values of general business personal property are determined by the taxpayer, based upon requirements of the Ohio Revised Code (R.C.), Ohio Administrative Code (Ohio Adm. Code), and the directives and guidelines prescribed by the tax commissioner. Businesses with taxable personal property in one Ohio county file a County Return of Taxable Business Property, form 920, in duplicate with the respective county auditor. Businesses with taxable personal property in more than one county file an Intercounty Return of Taxable Business Property, form 945, with the tax commissioner. Personal property tax collections are distributed by the county auditor to the local jurisdictions, e.g., county governments, municipalities, townships, school districts and special districts according to the allocated value times the total millage levied by each jurisdiction. Approximately 70% of the collected revenue is allocated to primary and secondary education. In completing a County Return of Taxable Business Property, you are required to disclose the valuation methods used for determining "true value" of your personal property. Disclosure of valuation methods used should not be construed as "prime facie" acceptance by the tax commissioner of their use. The tax commissioner is also responsible for assessing all unreported personal property and auditing the preliminary assessments to determine that taxable property values are based upon "true value in money." If you discover an error after filing a return of taxable business property, an Application for Final Assessment may be filed with the tax commissioner to initiate a review of the values assessed. Common questions and answers are contained in the following pages of this booklet. If you need further assistance, please call or visit your local county auditor, or call or visit one of the Taxpayer Service Centers of the Ohio Department of Taxation. Visit the department's home page on the Internet at tax.ohio.gov. Telephone assistance is provided for the hearing impaired through the Ohio Relay Service (ORS). TTY/TDD users may contact county auditors or the Tax Department's Taxpayer Service Centers by contacting ORS operators at 1-800-7500750. -1- American LegalNet, Inc. www.FormsWorkflow.com Special Instructions for New Taxpayer Return Any person, partnership, corporation or association who engages in business in Ohio on or after Jan. 1 of any year is a "new taxpayer" for that year. Whenever a taxpayer ceases business in Ohio, and in a subsequent year begins business in Ohio again, he is a new taxpayer for that year. The new taxpayer is liable for a property tax return in the year in which he commences business in Ohio. The total listed value is prorated based on the number of full months in business in Ohio in that first year. Filing Due Dates Form 920NT is used when the personal property of a new business is located in one Ohio county. The new taxpayer return (920NT) is to be filed with the county auditor and within 90 days of first engaging in business in Ohio. Form 945 is used when the personal property of a new business is located in multiple Ohio counties. The form 945 new taxpayer return is to be filed with the tax commissioner, again within 90 days of first engaging in business in Ohio. If form 945 is used, proration of the values should be performed in the individual schedules with the prorated value only carried forward to the recapitulation page. An extension of time to file of up to 45 additional days may be requested from the county auditor or tax commissioner by written application. Form 993NT, or a letter containing all of the information requested on form 993NT, must be submitted requesting the extension. The new taxpayer return is for the year in which the business commenced in Ohio, even if it is not required to be filed until the next calendar year. The next tax return required to be filed is for the calendar year following the year in which the business began. That return is due in the normal filing period of Feb. 15 through April 30. All taxable property in that year's return must be listed as of the close of business on Dec. 31 of the preceding calendar year (the year engaged in business). Inventory is listed at the average of the month-end values for each of the months that the taxpayer was engaged in business in that year. Use the number of month-end values included as the divisor. Listed values in this year's return may not be prorated. Late Filing If the return is not timely filed, the assessor will add a penalty of up to 50% of the taxable value after the full $10,000 exemption is applied. First Day of Business The date of engaging in business has been generally defined as the day the business commences operations, which is not necessarily the day the business was organized or licensed in Ohio. In the case of a merchant, the day that the business opened for the purpose of selling merchandise would be the first day of business. In the case of a manufacturer, it would be the first day that production started. For other business activities, the first day of business would be the day that the intended business activity started. Listing Date For the new ta
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