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The Ohio Revised Code states that "personal property" is
everything that is tangible and used in a business.
'Personal property" is defined under Section
5701.03.
Every
business in the state has some type of "business
fixture" that is considered to be personal
property".
Some examples of "business fixtures" are
desks, phone, office equipment, computers, supplies,
machinery, equipment, tools, and inventory. Even some
"business fixtures" can be attached either to the
land or structure and they are consider "personal
property".
An example of this would be a walk in freezer.
In
apartment buildings if you supply the appliances like
refrigerators, ranges, washers, and dryers they are considered
to be tangible "personal property".
Some
exceptions to the law would be motor vehicles, such as
automobiles, trucks, and buses are not considered
"personal property" because they are licensed.
Also jigs, patterns, and dies are not tangible
"personal property" as long as they are not for
sale.
Once they are for sale then they become taxable
business property.
Although motor vehicles aren't taxed the fuel, tires, oil and
spare vehicle parts are taxable until they are used by the
company for their intended purpose.
The only businesses excluded from
filing a "personal property" tax returns are
financial institutions and public utilities.
Ohio law requires that every business file a "personal
property" tax return (Form 920) with the County Auditor
between February 15 and April 30 of each year. A taxpayer may
file for an extension of time in writing which will extend the
filing deadline from April 30 to June 15. All new businesses
are required to file a return within 90 days of the first day
of business. If the new taxpayer cannot file within the
90 days they may request , in writing, a 45 day extension of
time.
In February of each year the
auditor's office will mail a two part postcard notifying the
previous years taxpayers that the 920 forms are available in
the auditor's office. A form may be obtained by
returning the postcard, by calling the office at 740.699.2131
or in person at the auditor's office in the courthouse.
Each taxpayer is granted a
$10,000 exemption before any taxes will have to be
paid if the tax return is filed on time. As of 2004, taxpayers with a taxable
value of less than $10,000 are no longer required to file
a Personal Property Tax return.
Penalty for Late Filing - to be considered filed timely, the return must be received by the county auditor on or before the due date. If the return is filed late, a penalty of up to 50% of the remaining listed value after the full $10,000 exemption is applied.
If
a business has personal property located in more than one
county in the State they will need to file an inter-county
return with the tax commissioner. |
