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INSTRUCTIONS – Listings due By January 31. For example, a manufacturer of dish washers purchased a metal folding machine in
October 2020 for $10,000. The sales tax was $200, shipping charges were $200, and
Commonly Asked Questions installation costs were $200. The total cost that the manufacturer should report is
$10,600, if there were no other costs incurred. The $10,600 should be added in group
Who must file a listing, and what do I list? (1) to the 2020 current year’s cost column as an addition.
Any individual(s) or business(es) owning or possessing personal property used Group (2) Construction in Progress (CIP)
or connected with a business or other income producing purpose on January 1.
Temporary absence of personal property from the place at which it is normally taxable CIP is business personal property which is under construction on January 1. The
shall not affect this rule. For example, a lawn tractor used for personal use, to mow the accountant will typically not capitalize the assets under construction until all of the costs
lawn at your home is not listed. However, a lawn tractor used as part of a landscaping associated with the asset are known. In the interim period, the accountant will typically
business in this county must be listed if the lawn tractor is normally in this county, even maintain the costs of the asset in a CIP account. The total of this account represents
if it happens to be in another state or county on January 1. investment in personal property, and is to be listed with the other capital assets of the
business during the listing period. List in detail. If you have no CIP, write “none”.
NCGS §105-308 reads that ..”any person whose duty it is to list any property who
willfully fails or refuses to list the same within the time prescribed by law shall be guilty Group (3) Office Furniture & Fixtures
of a Class 2 misdemeanor. The failure to list shall be prima facie evidence that the
failure was willful.” A class 2 misdemeanor is punishable by imprisonment of up to This group is for reporting the costs of all furniture & fixtures and small office machines
60 days. used in the business operation. This includes, but is not limited to, file cabinets,
desks, chairs, adding machines, curtains, blinds, ceiling fans, window air conditioners,
When and where to list? telephones, intercom systems, and burglar alarm systems.
Listings are due on or before January 31. They must be filed with the County Group (4) Computer Equipment
Tax Department. DO NOT FILE THIS FORM WITH THE NORTH CAROLINA
DEPARTMENT OF REVENUE. This form will not be accepted by the NC Department This group is for reporting the costs of non-production computers & peripherals. This
of Revenue. includes, but is not limited to, personal computers, midrange, or mainframes, as
A list of county tax office addresses can be found at the NC Department of Revenue’s well as the monitors, printers, scanners, magnetic storage devices, cables, & other
Website. https://www.ncdor.gov/documents/north-carolina-county-assessors-list peripherals associated with those computers. This category also includes software
that is capitalized and purchased from an unrelated business entity. Note: The
As required by state law, late listings may result in a discovery with a penalty. An development cost of software or any modification cost to software, whether done
extension of time to list may be obtained by sending a written request showing “good internally by the taxpayer or externally by a third party to meet the customer’s
cause” to the County Assessor by January 31. specified needs is excluded and should not be reported. This does not include
high tech equipment such as proprietary computerized point of sale equipment or high
How do I list? -- Three important rules: tech medical equipment, or computer controlled equipment, or the high-tech computer
components that control the equipment. This type of equipment would be included in
(1) Read these INSTRUCTIONS for each schedule or group. Contact your county tax Group (1) or “other”.
office if you need additional clarification. Group (5) Improvements to Leased Property
(2) If a Schedule or Group does not apply to you, indicate so on the listing form, DO
NOT LEAVE A SECTION BLANK, DO NOT WRITE “SAME AS LAST YEAR”. A listing This group includes improvements made by or for the business to real property leased
form may be rejected for these reasons and could result in late listing penalties. or used by the business. The improvements may or may not be intended to remain
(3) Listings must be filed based on the tax district where the property is physically in place at the end of the lease, but they must still be listed by the business unless it
located. If you have received multiple listing forms, each form must be completed has been determined that the improvements will be appraised as real property by the
separately. county for this tax year. Contact the appropriate county to determine if you question
INFORMATION SECTION whether these improvements will be appraised as real property for this tax year. If you
have made no improvements to leased property write “none”. Do not include in this
Complete all sections at the top of the form, whether or not they are specifically group any Store Equipment- Group (1) or Office Furniture and Fixtures-Group (3).
addressed in these INSTRUCTIONS. Attach additional sheets if necessary. Group (6) Expensed Items
(1) Other N.C. Counties where personal property is located: If your business has This group is for reporting any assets which would typically be capitalized, but due to
property normally located in other counties, list those counties here. the business’ capitalization threshold, they have been expensed. (If you are able to
(2) Contact person for audit: In case the county tax office needs additional information, provide the county tax office with a detailed list of costs and a description of the assets
or to verify the information listed, list the person to be contacted here. in the Expensed Items category, please do so.) Section 179 expensed items should
(3) Physical address: Please note here the location of the property. The actual be included in the appropriate group (1) through (4). Fill in the blank which asks for
physical location may be different from the mailing address. Post Office Boxes are your business’ “Capitalization Threshold.” If you have no expensed items write “none”.
not acceptable.
(4) Principal Business in this County: What does the listed business do? For example: Group (7) Supplies
Tobacco Farmer, Manufacture electrical appliances, Laundromat, Restaurant. The SIC
or NAICS code may help describe this information, if you do not know the SIC or Almost all businesses have supplies. These include normal business operating
NAICS code, please write “unknown”. supplies. List the cost on hand as of January 1. Remember, the temporary absence of
(5) Complete other requested business information. Make any address changes. property on January 1 does not mean it should not be listed if that property is normally
(6) If out of business: If the business we have sent this form to has closed, complete present. Supplies that are immediately consumed in the manufacturing process or
this section and attach any additional information regarding the sale of the property. that become a part of the property being sold, such as packaging materials, or raw
Schedule A materials, for a manufacturer, do not have to be listed. Even though inventory is
exempt, supplies are not. Even if a business carries supplies in an inventory account,
The year acquired column: The rows which begin “2020” are the rows in which you they remain taxable.
report property acquired during the calendar year 2020. Other years follow the same Other Schedule A Property
format.
Schedule A is divided into seven (7) groups. Each is addressed below. Some counties This category should only be used if instructed by authorized county personnel.
may have the column “Prior Years Cost” pre-printed. This column should contain the SCHEDULE B VEHICULAR EQUIPMENT - ATTACH ADDITIONAL SCHEDULES
cost information from last year’s listing. If it does not, please complete this column, IF NECESSARY
referring back to your last year’s listing. List under “Current Year’s Cost” the 100%
cost of all depreciable personal property in your possession on January 1. Include Motor Vehicles registered with the North Carolina Division of Motor Vehicles
all fully depreciated assets as well. Round amounts to the nearest dollar. Use the as of January 1, do not have to be listed, with the exception of Multi-Year or
“Additions” and “Deletions” column to explain changes from “Prior Yr. Cost” to “Current Permanently Registered Trailers, Special Bodies on Vehicles, and International
Yr. Cost”. The “Prior Year’s Cost” plus “Additions” minus “Deletions” should equal Registration Plan (IRP) Plated Vehicles. Please answer the questions on the
“Current Years Cost” If there are any additions and/or deletions, please note those form to determine if you should complete and attach separate schedules B-1 for
under schedule G, Acquisitions and Disposals Detail. If the deletion is a transferred or certain other vehicles, B-2 for Watercraft or Watercraft engines, B-3 for Mobile
paid out lease, please note this, and to whom the property was transferred. Homes or Mobile Offices, or B-4 for Aircraft.
NOTE: If you purchased an existing business and its assets since January 1, 2020, SCHEDULE C PROPERTY IN YOUR POSSESSION, BUT OWNED BY OTHERS
do not complete this listing form without first contacting the county tax office for further
instructions. If on January 1, you have in your possession any business machines, machinery,
COST - Note that the cost information you provide must include all costs associated furniture, vending equipment, game machines, postage meters, or any other
with the acquisition as well as the costs associated with bringing that property into equipment which is loaned, leased, or otherwise held and not owned by you, a
operation. These costs may include, but are not limited to invoice cost, trade-in complete description and ownership of the property should be reported in this section.
allowances, freight, installation costs, sales tax, expensed costs, and construction This information is for office use only. Assessments will be made to the owner/lessor.
period interest. If you have already filed the January 15th report required by §105-315, so indicate.
If you have none, write “none” in this section. If property is held by a lessee under a
The cost figures reported should be historical cost, that is the original cost of an item “capital lease” where there is a conditional sales contract, or if title to the property will
when first purchased, even if it was first purchased by someone other than the current transfer at the end of the lease due to a nominal “purchase upon termination” fee, then
owner. For example, you, the current owner, may have purchased equipment in 2020 the lessee is responsible for listing under the appropriate group.
for $100, but the individual you purchased the equipment from acquired the equipment
in 2015 for $1000. You, the current owner, should report the property as acquired in SCHEDULE D, E, F, G, AND H, please answer the questions provided on the form to
2015 for $1000. determine if you need to complete and attach separate schedules E-1, G-1, or H-1 to
the main business personal property listing form.
Property should be reported at its actual historical installed cost IF at the retail level of
trade. For example, a manufacturer of computers can make a certain model for $1000 AFFIRMATION
total cost. It is typically available to any retail customer for $2000. If the manufacturer
uses the model for business purposes, he should report the computer at it’s cost at the If the form is not signed by an authorized person, it will be rejected and could be
retail level of trade, which is $2000, not the $1000 it actually cost the manufacturer. subject to penalties. This section describes who may sign the listing form.
Leasing companies must list property they lease at the retail trade level, even if their
actual cost is at the manufacturer or wholesaler level of trade. Listings submitted by mail shall be deemed to be filed as of the date shown on the
postmark affixed by the U.S. Postal Service. Any other indication of the date mailed
Group (1) MACHINERY & EQUIPMENT (such as your own postage meter) is not considered and the listing shall be deemed to
be filed when received in the office of the tax assessor.
This is the group used for reporting the cost of all machinery and equipment. This
includes all store equipment, manufacturing equipment, production lines (hi-tech or Any person who willfully attempts, or who willfully aids or abets any person to attempt,
low-tech), as well as warehouse and packaging equipment. List the total cost by in any manner to evade or defeat the taxes imposed under this Subchapter (of the
year of acquisition, including fully depreciated assets that are still connected with the Revenue Laws), whether by removal or concealment of property or otherwise, shall be
business. guilty of a Class 2 misdemeanor. (Punishable by imprisonment up to 60 days)
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