Tax Forms 920-Nt Examples - County Return Of Taxable Business Property, 921-Nt - Ohio Balance Sheet - 2002


Instructions for New Taxpayer Return
Any person, partnership, corporation or association who en-
numerator of the fraction is the number of full months from
gages in business in Ohio on or after January 1 of any year is
the date of engaging in business to December 31, the de-
a “new taxpayer” for that year. Whenever a taxpayer ceases
nominator is twelve. This is the value to which the tax rates
business in Ohio, and in a subsequent year begins business
are applied to determine the amount of tax owed.
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
Acquisition of Existing Business – When a new taxpayer
he commences business in Ohio. The total listed value is
has acquired an existing business and that business has filed
prorated based on the number of full months in business in
a personal property tax return for the same year in which the
Ohio in that first year.
new taxpayer acquires the business, taxes for property that
was listed by the former owner need not be paid again by the
Filing Due Dates – The new taxpayer return (920-NT) is to
new taxpayer. The new taxpayer must produce a copy of the
be filed with the county auditor within 90 days of first engag-
return or assessment indicating that the same property has
ing in business in Ohio. An extension of time of up to 45
been listed or assessed for taxation for the same year The
additional days may be requested from the county auditor by
amount of inventory which may be excluded is the lower of
written application. This return (920-NT) is for the year in which
the average amount listed by the former owner in his return
the business commenced in Ohio, even if it is not required to
for the same year, or the amount transferred. Any property
be filed until the next calendar year.
not listed in the former owner’s return and acquired prior to
the new taxpayer’s first day of business must be listed. Aver-
Late Filing – If the return is not timely filed, the assessor will
age inventory in excess of the amount excludable must also
add a penalty of up to 50% of the taxable value plus loss of ½
be listed.
of the $10,000 exemption.
Reorganization – Frequently, an existing business that had
The next tax return required to be filed is for the calendar
been organized as a proprietorship or partnership will be re-
year following the year in which the business began. This
organized as a corporation, or other changes in the business
return is due in the normal filing period of February 15 through
structure take place that result in the existence of a new en-
April 30. All taxable property in this year’s return must be
tity. In these circumstances, the new owner or business en-
listed as of the close of business on December 31 of the
tity is considered a new taxpayer and required to file a new
preceding calendar year (the year engaged in business). In-
return for the year in which the change took place. These
ventory is listed at the average of the month-end values for
new taxpayers are subject to the same reporting requirements
each of the months that the taxpayer was engaged in busi-
as those beginning a new business. A copy of the return filed
ness in that year. Use the number of month-end values in-
for the same year by the former entity should be included
cluded as the divisor. Listed values in this year’s return may
with the new taxpayer return.
not be prorated.
Alternate Listing Date – Rule 5703-3-04, Ohio Administra-
1st Day of Business – The date of engaging in business
tive Code, provides for the use of listing dates other than
has been generally defined as the day the business com-
December 31. Before a listing date other than December 31
mences operations, which is not necessarily the day the busi-
may be used, the taxpayer must be engaged in business for
ness was organized or licensed in Ohio. In the case of a
at least twelve months prior to that listing date. In certain
merchant, the day that the business opened for the purpose
instances, where property may be excluded from taxation for
of selling merchandise would be the first day of business. In
a year, or taxed twice in a year, the Tax Commissioner may
the case of a manufacturer, it would be the first day that pro-
authorize or require an alternate listing date for a taxpayer to
duction started. For other business activities, the first day of
exclude or to report property involved in a change of owner-
business would be the day that the intended business activ-
ship. These circumstances may affect the new taxpayer’s
ity started.
return when an entire business or facility is acquired.
Listing Date – For the new taxpayer return, the listing date is
Listing and Valuing Personal Property
the first day of business in Ohio instead of December 31 or a
fiscal year end. All taxable property, except inventory, owned
Personal Property is every tangible thing which is owned,
on the first day of business must be listed, the true value is
except real property. Real Property is defined as land, grow-
the taxpayer’s cost. Inventory must be listed at the average
ing crops, all buildings, structures, improvements and fixtures
value for the remainder of the year. Estimate month-end val-
on the land.
ues starting with the end of the month engaging in business
and for each month-end throughout the remainder of the year.
Tangible personal property used in business in Ohio is taxed.
If additional locations will be opened later in the year, inven-
This includes machinery and equipment, furniture and fix-
tory for those locations must also be estimated for the new
tures, small tools, supplies and inventory held for manufac-
taxpayer return. The average value is the sum of the month-
ture or resale.
end values divided by the number of month-end values in-
cluded. The estimated values reported may be amended at
$10,000 Exemption – The first $10,000 of listed value of
a later date, when actual month-end inventory values are
taxable personal property owned by a taxpayer is exempt
from taxation to the owner. The exemption is applied in the
taxing district with the highest listed value. If that is less than
Prorating – The total listed value of the return is multiplied
$10,000, the remaining amount is applied in the taxing dis-
by a fraction which represents the portion of the year during
trict with the next highest value until either the $10,000 ex-
which the taxpayer will be engaged in business in Ohio. The
emption is exhausted or a net taxable value of zero is reached.


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