Fillable Form 1 - Personal Property Return

IMPORTANT REMINDERS

2003

• Manufacturing/R&D application deadline is September 1, 2003 A manufacturing exemption cannot be granted

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

Form 1

• 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.

continued

Page 4 of 4

• Do not prepay late ﬁling penalties.

• 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, 2003, 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, 2003 and before July 1, 2003, submit statement of sale, including value of personal property, date

of sale, name and address of the buyer on or before October 1, 2003.

• 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 15, 2003 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.

In addition, failure to ﬁle this report will result in forfeiture of the charter or qualiﬁcation of the corporation or other business entity.

DEPRECIATION RATE CHART FOR 2003 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 video tapes.

Category B: 20% per annum*

Category F: 50% per annum*

Mainframe computers originally costing $500,000 or more.

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

Category C: 20% per annum*

Category G: 5% per annum*

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

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

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

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

Long-lived assets

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

Property determined by the Department to have an expected life in

furnishings, music boxes, outdoor Christmas decorations, outdoor

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

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

an annual rate as determined by the Department.

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

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

laundry equipment, stevedore equipment, theatre seats, trucks

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

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

DATE OF ASSESSMENT NOTIFICATION

OFFICE USE ONLY

Form 1 - Personal Property Return - 2003 Page 4

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