Instructions For Form L-4025 - Department Of Treasury (Page 2 of 2) in pdf

Instructions For Form L-4025 - Department Of Treasury Page 2

RECLASSIFIED PROPERTY - Do not report the assessed valuation of property which has been

transferred to another classification on the current assessment roll. Do not include transferred

assessed valuation with LOSSES.

FOR PERSONAL PROPERTY:

ADDITIONS - Assessment increases because of added value other than general price increases,

including:

First time on assessment roll. (For example, a new commercial tenant or annexation.)

Additional equipment or furnishing. (For example, a business acquired additional equipment so

the total true cash value of the equipment and furnishings increased from $50,000 to $80,000.

The assessment therefore was raised from $25,000 last year to $40,000 and the $15,000

increase is ADDITION.)

Property returned from exempt status (inventory, termination of Act 198 certificate, etc.).

LOSSES - Assessment decreases because of loss of true cash value, including:

Removal from roll. (Out of business, annexation or etc.)

Fire losses or other damage. (Note: Tax day is December 31.)

Decrease in true cash value of equipment, pipe lines, furnishings, fixtures, etc.

RECLASSIFIED PERSONAL PROPERTY - Do not report the assessed valuation for personal

property which has been reclassified.

FOR BOTH REAL AND PERSONAL PROPERTY:

DO NOT REPORT FORM L-4022 ADJUSTMENTS ON FORM L-4025

NOTE - The reported valuations on form L-4025 will provide the information needed to determine SEV

of LOSSES and ADDITIONS for the limitations provided by either Sec. 34d or Sec. 24e of the General

Property Tax Act.

Instructions For Form L-4025 - Department Of Treasury Page 2