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to the Assessor's Office
Sondra Wallace,
Commercial Personal Property
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Commercial Personal Property |
Sondra Wallace |
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Location |
The Courthouse |
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Contact Information |
Assessor |
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A Guide for Your Wood County Business
Dear Business Owner:
I have prepared this document to assist
you in completing your business personal property return.
I applaud your efforts and contributions to our community
as a business owner. It is important to me that our business
community continues to thrive and create jobs for our
citizens, and your business helps accomplish this vital
goal. As your Assessor, I am directed by West Virginia
State Law to have businesses file returns listing personal
property and real property by the deadline October 1.
State law also directs the Assessor to prepare estimated
returns for those businesses that do not respond by the
October 1 deadline. Therefore, previous filers who file
late or do not file will have a 10% increase added to
the prior tax year’s value.
In addition, West Virginia State Code 11-3-10 directs the
Assessor to impose a fine of $25-$100 for non-filers. Most
importantly, you forfeit the right to challenge erroneous
or over-estimated values. It is important to note that
State law mandates these regulations.
As your Assessor, my number one priority is to serve
the citizens of Wood County as fairly and honestly
as possible. My staff stands ready to assist you
in a courteous and helpful manner. If you have
any questions, please stop by my office or call
424-1875.
Sincerely,
Steven A. Grimm - Assessor |
Please Note:
Your assessor does not set your property tax. Your tax
bill is determined by multiplying a tax rate against your
assessed value (60% of market value). Remember, the assessor
determines your assessed value and the levy rate is determined
by the legislature (for the Board of Education), the county
commission and the municipalities. Levy rate sheets are
prepared for your convenience and may be obtained in the
Assessor’s Office. |
Do I have to complete all Schedules of the form?
YES, you must complete ALL SCHEDULES of the return. If they
do not apply, list NONE. If you have not filled in all schedules,
your return may be rejected and returned to you for completion. “SEE ATTACHED” WILL BE ACCEPTED
ONLY IF ATTACHMENT IS THE SAME FORMAT AS THE SECTION TO WHICH IT APPLIES.
Even if you are no longer in business, you must
return the SIGNED form with the date of business closing to have
your account deleted from our records.
Your signature affirms the information to be correct.
What do I need to send in with my return?
Corporations, Partnerships, and Sole Proprietors are to send
a balance sheet and depreciation schedule.
For Corporations, the balance sheet can be found on Schedule
L of your IRS return. For Sole Proprietors and Partnerships,
we will accept Schedule C from your tax return as a substitution
for the balance sheet. The depreciation schedule can be
found on Form 4562 of your tax return.
The balance sheet and depreciation schedule should be submitted
with your return. Failure to attach these may be grounds
for the Assessor to reject the return.
Basic Business Information (page 1)
It is important to make sure this section is filled out accurately
and completely in order to insure proper assessment and billing.
If a printed label is on the form, please verify that the information
is correct. If not, make any necessary corrections.
Property You Lease From Others (page 1)
Please list all property you lease from others, with date acquired
and cost of Machinery and Equipment, Furniture and Fixtures,
and Computer Equipment, and/or gross annual rent. We must have
the name, address, and phone number of the property owner and
the type of property leased. Attach additional sheets if needed.
Real Estate (page 1)
List all Wood County real estate property owned by your company.
Description asked for is the District, Map and Parcel Number,
which can be found on your real estate tax tickets.
Building On Leased Land (page 1)
If you own any buildings situated on land owned by someone
else, you must list the name and address of the land owner. If
possible, please provide the District, Map and Parcel Number
for the land on which the building is located.
Schedule A (page 2)
Machinery & Equipment, Furniture & Fixtures,
Leasehold Improvements, and Computers
List all of the above in
the appropriate section by year of purchase with cost. It is
to the taxpayer’s advantage to list this property by
year of purchase to receive full benefit from depreciation
schedules in the state-wide computer network. When a taxpayer
submits a lump-sum value with no breakdown by year, the computer
treats equipment as brand-new without depreciation. This results
in higher assessment and higher taxes.
A section is provided on Schedule A specifically
for the valuation of Computer Equipment, which is subject to
accelerated depreciation. It must be valued separately from
other Machinery & Equipment to gain full benefit of this
depreciation.
Property that is owned and STILL IN USE,
which has been fully depreciated or written off, MUST be reported
on Schedule A. Any property which has been fully depreciated
and is NO LONGER USED as part of the production process, should
be reported on “Schedule F-Salvage Value Machinery & Equipment”.
What are leasehold improvements? (page 2)
Leasehold improvements are any permanent improvements and/or
additions to leased property, exclusive of buildings, which have
been made by the lessee. Some examples of this would be adding
a new bathroom, a commercial exhaust system, or additional interior
walls. All leasehold improvements are to be reported on Schedule
A.
Schedule B (page 2)
Inventory, Consigned Inventory, Parts and Supplies
Taxpayer is to report all consigned goods, all supplies, parts
and all inventory of merchandise for resale; in warehouse
or in storage.
Vehicle-Mobile Home-Manufactured Home Dealers (page 2)
Dealers of new and used motor vehicles,
motorcycles, RVs, trailers, mobile homes and manufactured homes
are required to complete and attach the “Vehicle
Dealers Inventory Worksheet” in place of Schedule B. Please read
the instructions on this worksheet carefully before completing it, as some
exemptions apply.
All dealers must submit an Income Statement to support information
appearing on the worksheet.
Warehouse Freeport Tax Amendment (page 2)
Goods which have been moved to a warehouse or storage facility,
at which no substantial alteration takes place, to await shipment
to a destination outside this state are deemed to be moving in
interstate commerce over the territory of the state and therefore
are exempt from ad valorem property tax and do not have a tax
situs in West Virginia for purposes of ad valorem taxation.
This exemption generally applies to industrial accounts that
are assessed by the State. The Freeport Exemption does NOT apply
to inventory of Natural Resources or Raw Materials.
Schedule C (page 3)
Machinery & Tools in process of Installation
Machinery or tools purchased but not yet installed are reported
here.
Schedule D (page 3)
Other Personal Property
This section is used to cover all other property
not covered by a special section on the form. This may include
business libraries, reference books, moveable storage buildings,
and furniture and fixtures in process of construction. List cost
and date acquired of all assets reported in this section.
Schedule E (page 3)
Incomplete Construction
The cost new of any materials for buildings, additions
or improvements which are incomplete and therefore are not assessed
as Real property must be reported here; if the taxpayer and the
real estate owner are not the same party, individual, or corporation.
Schedule G (page 3)
Pollution Control Facilities
All pollution control facilities installed after
July 1, 1973, and approved by the Water Resource Division of
DNR or Air Pollution Control should be listed, with location,
year installed and original cost. The State Tax Department provides
our office with a list of all qualified equipment.
Schedule H (page 3)
Vehicles, Trailers, Boats, Aircraft, and Mobile Homes
We must have a complete listing of all licensed
and unlicensed vehicles titled in the name of the company, including
year of acquisition and acquisition cost. It is especially important
that purchase price and date be included for all industrial
vehicles (i.e. dump truck, backhoe, crane, lowboy, etc.)
If you have more than six vehicles, you are required to complete
an “Itemized Fleet Vehicle Report”.
Our office must have complete information on each
vehicle. This includes make, model, year, VIN, acquisition date
and cost. When listing trucks, provide Gross Vehicle Weight.
Trailers should also include length and type of trailer.
Do not include apportioned vehicles, as they will be taxed
by the State.
We need complete information in order to accurately
value your vehicles. Failure to file the necessary information
will result in your vehicles being priced using the highest
value for that particular vehicle, as we are required under
West Virginia law to err on the side of taxation.
Schedule I (page 4)
Farm Machinery, Equipment, Livestock, and Products of Agriculture
If the principle business activity is farming;
list animals, products of agriculture, machinery and equipment
employed exclusively in agriculture (including horticulture and
grazing); and estimate the current value of each. Do not include
property on hand used in subsistence of livestock on hand. Please
include date purchased and the acquisition cost. Attach additional
sheets, if needed.
Other Information Required with this Return (page 4)
Type of business entity: Please check one. Description of Business
Activity: Please describe the basic type of business that you
are operating. This is very important to categorizing your business
for depreciation of Schedule A assets.
North American Industry Classification System:
Please list the NAICS code for your business only if it is
known. If unsure or unfamiliar with NAICS codes, leave this
section blank. Our office will assign a code appropriate
for your type of business as described above.
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