County Return Of Taxable Business Property {920}

Form 920 Rev. 11/07 2008 County Return of Taxable Business Property Additional copies of this return may be downloaded from the Ohio Department of Taxation's Web site at tax.ohio.gov. Due to the phase-out of the personal property tax in Ohio, the 2008 tax return will be the final annual personal property tax return required to be filed. Filing Requirement ­ File this return in duplicate with your county auditor, with check attached for at least one-half of the tax, made payable to your county treasurer, between Feb. 15 and April 30, unless extended. There is no filing requirement if the listed value is $10,000 or less. No payment is required if the total tax due is less than $2. Penalty for Late Filing ­ To be considered filed timely the return must be received by the county auditor on or before the due date. The mailing of a return, except by certified mail, does not constitute timely filing. To ensure timely delivery to and receipt by the county auditor, certified mail should be used, or the return may be filed in person with the county auditor. If the return is filed late, the assessor may add a penalty of up to 50% of the remaining listed value after the full $10,000 exemption is applied. Taxing Districts ­ You must list your property in the taxing district where it is located and show the complete name and number of the taxing district. Taxing district names normally consist of a township, city or village and school district. Cities may have more than one school district. Taxing district numbers vary by county and from county to state. If you do not know your taxing district name or number, check your real property tax bill or contact your county auditor. American LegalNet, Inc. www.FormsWorkflow.com Administration of the Property Tax Each county auditor places on their county's general tax list the values presented by each single county taxpayer as filed on the annual returns, and the inter-county values preliminarily assessed by the tax commissioner. A duplicate of this list is presented to the respective county treasurer for the preparation and mailing of tax bills, and the subsequent collections. Preliminarily assessed values of general business personal property are determined by the taxpayer, based upon requirements of the Ohio Revised Code, Ohio Administrative Code, and the directives and guidelines prescribed by the tax commissioner. Businesses with taxable personal property in one Ohio county file a County Return of Taxable Business Property, form 920, in duplicate with the respective county auditor. Businesses with taxable personal property in more than one county file an Inter-County Return of Taxable Business Property, form 945, with the tax commissioner. Personal property tax collections are distributed by the county auditor to the local jurisdictions, e.g., county governments, municipalities, townships, school districts and special districts according to the allocated value times the total millage levied by each jurisdiction. Approximately 70% of the collected revenue is allocated to primary and secondary education. In completing a Return of Taxable Business Property you are required to disclose the valuation methods used for determining "true value" of your personal property. Disclosure of valuation methods used should not be construed as "prima facie" acceptance by the tax commissioner of their use. The tax commissioner is also responsible for assessing all unreported personal property and auditing the preliminary assessments to determine that taxable property values are based upon "true value in money." If you discover an error after filing a Return of Taxable Business Property, an Application for Final Assessment may be filed with the tax commissioner to initiate a review of the values assessed. Common questions and answers are contained in the following pages of this booklet. If you need further assistance, please call or visit your local county auditor, or call or visit one of the district offices of the Ohio Department of Taxation. Visit the department's Web site at tax.ohio.gov. Telephone assistance is provided for the hearing impaired through the Ohio Relay Service (ORS). TTY/TDD users may contact county auditors or the tax department's Taxpayer Service Centers by contacting ORS operators at 1-800-7500750. All other telephone inquiries should be directed to 1888-644-6778. American LegalNet, Inc. www.FormsWorkflow.com What's New for 2008 Due to the phase-out of the personal property tax, the 2008 return is the final annual return required to be filed by most general taxpayers except public utility lessors (see below). Tangible Personal Property Telephone and inter-exchange telecommunications companies ­ previously classified as public utility taxpayers ­ have been redefined as general business taxpayers under Ohio Revised Code (R.C.) section 5711.01(B), effective with the 2007 tax return. The taxable property reported by telephone and interexchange telecommunications companies will be listed and assessed under R.C. 5711 while the taxable value of telephone and inter-exchange telecommunications personal property will continue to be apportioned under R.C. 5727. All telephone and inter-exchange telecommunications companies will use the same composite allowances and other valuation procedures as prescribed by the tax commissioner for such property for 2006 in tax year 2007 and subsequent tax years, unless otherwise notified of any changes. Even if a telephone or interexchange telecommunications company has property in only one Ohio county, form 945TL, 945IX (long distance) or 945IX (other) must be filed so that the value of the property reported can be accurately apportioned. These forms are required to be filed between Feb. 15 and April 30 (June 15 as extended) each year. The assessment of telephone and interexchange tele-communications companies personal property will be phased out over a four-year period at the following percentages: Return Year 2008 2009 2010 2011 List Percentage 15% 10% 5% 0% Note that the new manufacturing definitions apply to property required to be listed in Schedule 2. Only taxpayers meeting the new manufacturing definitions should report the value of manufacturing or mining equipment, placed in service before Jan. 1, 2005, in Schedule 2. All other equipment should be reported in Schedule 4. Am. Sub. H.B. 66 changed the method used to calculate the interest rate applied to personal property tax underpayments and overpayments, e