Form 1029 - Annual Property Report - 2011 Page 15
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16The valuation multipliers that will be used to value the property disclosed by the taxpayer in this report are intended to be
applied to the original cost of new, not used, property. Original cost new includes freight, installation, and sales tax.
If
the original cost new of an asset is known, or can be reasonably ascertained through investigation, you must report that
cost on the line that represents the year that it was new, even if you have adjusted the cost in your accounting records to
reflect revaluation of the asset using a "purchase", "fresh start", "push down", or similar accounting methodology, or even
if your booked cost reflects a "used" purchase, lease "buy-out" price or a "trade-in" credit. The cost of all property must
be included in this report even if the asset is fully depreciated for federal income tax or financial accounting purposes, and
even if the property has been expensed, rather than capitalized in your accounting system.
Inventory is exempt from assessment. Inventory does not include personal property under lease or principally intended
for lease or rental, rather than sale. Property allowed a cost recovery allowance or depreciation under the Internal
Revenue Code is not inventory. Non-registered motor vehicles and equipment attached to motor vehicles which are not
used while the vehicle travels on the highway are assessable, but vehicles registered with the Michigan Secretary of State
st
on December 31
are exempt. Computer software, if the purchase was evidenced by a separate invoice amount and if
the software is commonly sold separately, is exempt.
Table A: Furniture and Fixtures
Examples of the assets to be reported in this section include, but are not limited to: decorations, seating, office
furniture, shelving and racks, lockers, modular office components, cabinets, counters, rent-to-own furnishings,
bookcases, displays, mobile office trailers, tables, filing systems, slat walls, non-freestanding signs, window
treatments, uniforms and linens.
Table B: Machinery and Equipment
The assets to be reported in this section include all assets that are not designated for disclosure in another
section. Some examples of such assets include, but are not limited to the following types of machinery and
equipment: air compressors, boiler, furnace, unlicensed vehicular, vehicle mounted equipment, conveyor,
incinerators, maintenance and janitorial, waste containers, computer controlled lighting, hand tools of mechanics
and trades, freestanding and other safes not assessed as real property, fork lift trucks.
Note: Motor Vehicles and Attached Equipment
If the taxpayer owns or leases motor vehicles used in Michigan and the vehicles are properly registered with the
Michigan Secretary of State, the registered vehicles are exempt from assessment, but any attached equipment
which is not designed for operation while the vehicle is moving on the highway, is not exempt.
Table D: Office Electronic, Video and Testing Equipment
Examples of
assets to be reported in this section include, but are not limited to:
office machines, non-
computerized cash registers, copiers (including digital copiers/document processing devices), faxes, mailing and
binding equipment, photography and developing equipment, shredders, projectors, telephone and switchboard
systems, audio and video equipment, amplifiers, CD, cassette and disc players, speakers, cable television local
origination equipment, electronic scales, surveillance equipment, electronic diagnostic and testing equipment,
satellite dishes, electronic testing or laboratory equipment, cellular transmitter site equipment (except towers and
land improvements and items reported under other sections of this form – see State Tax Commission Bulletin 3 of
2000, as amended), cellular telephones, security systems, 2-way and mobile land radio equipment, pay-per-view
systems, wooden and plastic pallets and shipping containers, and distributive control systems (see Bulletin 3 of
2000, as amended). Other assets may be included at another time.
Table F: Computer Equipment
Examples of assets to be reported in this section include, but are not limited to: assessable software, personal
and midrange and mainframe computer and peripheral equipment, including servers, data storage devices,
CPUs, input devices, output devices, monitors, networking equipment, computerized point of sale terminals,
global positioning system equipment, pager instruments, and cable television converters. Do not report digital
copiers in this section even if the equipment can also be used as a computer peripheral. (report those in table D)
Table H: Analog, Digital and Optical Switching and Operator Systems
(FCC Uniform System Account 32.2210)
Table I: Circuit equipment
(FCC Uniform System Account 32.2232)
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