Fillable Form 1028 - Annual Property Report - 2012 (Page 9 of 12) in pdf

List any expenditures for additions that occurred during the calendar year immediately preceding the statutory due date of

this report. Exclude locally-assessed property, erosion control property, and property funded by the Michigan Department

of Transportation. List the accumulated first year depreciation for those additions in the column designated. 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 is not used while the

vehicle travels on the highway are assessable. Computer software, if the purchase was evidenced by a separate invoice

amount and if the software is commonly sold separately, is exempt.

In the Accumulated Depreciation column, list the accumulated depreciation for assets in place at year end.

List the balance of costs at calendar year end (December 31st). The "True Cash Value" column is for Assessment and

Certification division office use only.

List the current year construction in progress. Report all costs that have been incurred including overheads, installation

costs incurred, sales tax and freight. Reporting of costs should be separated by project. Property which is placed in

service on or before December 31

is considered placed in service that year and should be entirely reported on the line

which represents the year that it was considered placed in service. Similarly, the cost of all assets must be reported as

acquired in the year that they were placed in service, rather than the year of purchase, if those years differ. The adjusted

construction in progress and the Schedule 2 True Cash Value will be calculated by the Assessment and Certification

Division.

Schedule 3

A. Enter the Total Interest Paid to service debt to finance railway operations. Interest must be for short term and

long term debt. The columns provide for the amounts from the last four years. The phase-in of the interest in the

valuation calculation based on the income approach, began with the 2011 tax year.

B. Enter the Total Net Operating Income from Railway Operations. The columns provide for the amounts reported

from the last four years.

Schedule 4

If your company's property (whether owned or leased) is used entirely within the State of Michigan, you are not required to

provide allocation information. If your company's property (whether owned or leased) is used partly within and partly

without the State of Michigan, provide the allocation information based on the system as a whole, and the portion

attributable to Michigan. For further details on reporting specifications, consult the Uniform System of Accounts for

Railroad Companies. (49 CFR 1201 et.seq.)

Schedule 5

Please check the appropriate box indicating whether any sales or transfers of car marks have occurred in the calendar

year immediately preceding the statutory due date of this report. If you select yes, please describe any sales and

transfers of car marks that occurred.

Schedule 6

Enter the total annual mileage traveled during the calendar year immediately preceding the statutory due date of this

report, over track that you operate (whether owned or leased). Please provide the mileage by individual car mark.

Schedule 7

Indicate whether there have been any changes to your real property as compared to the prior year’s information and

provide information about any changes in the reporting box.

Losses to Real Property

Losses mean the decrease in value which has not been reflected in the assessment unit’s immediately preceding year’s

assessment roll. Losses include removal or destruction of real property, newly exempt property, or newly contaminated

property.

Additions to Real Property

Additions mean an increase in value which has not been reflected on the assessment unit’s immediately preceding year’s

assessment roll. Additions include omitted property, new or replacement construction, and increases in value due to new

public services and/or contamination remediation.

Form 1028 - Annual Property Report - 2012 Page 9

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