Fillable Form 1 - Personal Property Return

2 12

Mailing instructions

Use the address below for:

•

originally ﬁled 2012 personal property returns.

• US Postal Service Certiﬁed Mail.

•

originally ﬁled prior year returns.

• all overnight delivery service mail.

Form 1

• amended returns, correspondence, appeals,

State of Maryland

applications, etc.

continued

Department of Assessments & Taxation

• late ﬁling penalty payments.

Page 4 of 4

Personal Property Division

PO Box 17052

State of Maryland

Baltimore, Maryland 21297-1052

Department of Assessments & Taxation

Personal Property Division

• Do not send Certiﬁed Mail to this PO Box.

301 W Preston St

See box at right.

Baltimore, Maryland 21201-2395

IMPORTANT REMINDERS

• Rules for 2012 personal property extensions:

Internet extension requests are due by April 16, 2012 and are free of charge.

Paper extension requests are due on or before March 15, 2012 and require a $20 processing fee for each entity.

• The annual report ﬁling fee is $300 for most legal entities. Be sure to enclose the correct fee with the Form 1.

• Manufacturing/R&D application deadline is September 1, 2012. Exception for tax years beginning after June 30, 2009 - an

exemption application may be ﬁled within 6 months after the date of the ﬁrst assessment notice for the taxable year that

includes the manufacturing personal property. See instruction 11 for more information. A manufacturing exemption cannot be

granted unless a timely application is ﬁled. Once ﬁled, no additional applications are required in subsequent years.

• Entities requesting a revised assessment due to other missed exemptions (vehicles, software, charitable organizations, etc.) must ﬁle that

request within three years of the April 15th date the return was originally due.

• Do not prepay late ﬁling penalties or pay personal property taxes to this Department.

• Business entities that require a Trader’s License must report commercial inventory on line item

• This return must be accompanied by Form 4A (Balance Sheet) or latest available balance sheet, and Form 4B (Depreciation Schedule), unless the

business does not own any personal property in Maryland. All information on pages 2 and 3 of this report and supporting schedules are held

conﬁdential by the Department and are not available for public inspection. Page 1 is public record (Tax-Property Article 2-212).

• If you discontinued business prior to January 1, 2012, notify the Department immediately, stating to whom and the date all personal property was

sold. If the business is sold on or after January 1, 2012 and before July 1, 2012, submit statement of sale, including value of personal property, date

of sale, name and address of the buyer on or before October 1, 2012.

• File the pre-addressed return to ensure proper posting to your account.

• This return must be signed by an ofﬁcer or principal of the business.

• Make check for ﬁling fee payable to Department of Assessments and Taxation. Place the Department lD number on the check.

• Place the Department ID number on page 1 if the pre-addressed return is not used.

LATE FILINg PENALTY

DO NOT PAY PENALTIES AT TIME OF FILINg RETURN

• A business which ﬁles an annual return postmarked after the due date of April 16, 2012 will receive an initial penalty of 1/10 of one percent of the

county assessment, plus interest at the rate of two percent of the initial penalty amount for each 30 days or part thereof that the return is late.

• Businesses which fail to ﬁle this report will receive estimated assessments which will be twice the estimated value of the personal property owned.

DEPRECIATION RATE CHART FOR 2012 RETURNS

STANDARD DEPRECIATION RATE

Category D: 30% per annum**

Data processing equipment, canned software.

Category A: 10% per annum*

All property not speciﬁcally listed below.

Category E: 33

⁄

% per annum*

Blinds, carpets, drapes, shades. The following applies to equipment

SPECIAL DEPRECIATION RATES

(The rates below apply only to the

rental companies only: rental stereo and radio equipment, rental

items speciﬁcally listed. Use Category A for other assets.)

televisions, rental video cassette recorders and rental DVDs and

Category B: 20% per annum*

video tapes.

Mainframe computers originally costing $500,000 or more.

Category F: 50% per annum*

Category C: 20% per annum*

Pinball machines, rental tuxedos, rental uniforms, video games.

Autos (unlicensed), bowling alley equipment, brain scanners, carwash

Category G: 5% per annum*

equipment, contractor’s heavy equipment (tractors, bulldozers), fax

Boats, ships, vessels, (over 100 feet).

machines, hotel, motel, hospital and nursing home furniture and ﬁxtures

(room and lobby), MRI equipment, mobile telephones, model home

Long-lived assets

furnishings, music boxes, outdoor Christmas decorations, outdoor

Property determined by the Department to have an expected life in

theatre equipment, photocopy equipment, radio and T.V. transmitting

excess of 10 years at the time of acquisition shall be depreciated at

equipment, rental pagers, rental soda fountain equipment, self-service

an annual rate as determined by the Department.

laundry equipment, stevedore equipment, theatre seats, trucks

* Subject to a minimum assessment of 25% of the original cost.

(unlicensed), vending machines, x-ray equipment.

** Subject to a minimum assessment of 10% of the original cost.

DATE OF ASSESSMENT NOTIFICATION

OFFICE USE ONLY

This form was printed from the DAT web site.

Form 1 - Personal Property Return - 2012 Page 4

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