In West Virginia, business personal property is subject to ad valorem taxes. You are required under West Virginia law to complete form stc 12:32C -Commercial Business Property Return and return it to our office on or before September 1st. This form is the "Blue Form" mailed annually by our office to all business operating in Boone County . The filing deadline is established by law and it is extremely important. State Code authorizes the Assessor to prepare estimated returns for those businesses who do not respond in a timely manner. Those late filers or non filers, will have assessments prepared based on estimated values, and forfeit rights to challenge erroneous or overestimated values and are subject to penalties. Under West Virginia Code §11-3-12, it is your responsibility to see that your assessment is filed in advance of the deadline. If you have an accountant to prepare your form, you are still responsible for seeing that this form is filed with our office on or before September 1st of each year.
Tangible personal property to be reported by businesses includes material items such as machinery , equipment, tools, furniture, fixtures, computers, motor vehicles, campers, boats, sport utility vehicles, trailers, and stock in trade (including inventories, supplies, materials in process and similar items). This tax is based on personal property owned by your business as of July 1st of this every year. Failure to file may cause problems with vehicle license renewal, as vehicles are NOT carried forward automatically from year to year. Also, non-filers may be subject to an additional penalty of $25-100. This penalty is mandated by the West Virginia State Tax Department under WV Code §11-3-10.
Basic Business Information (Page 1)
It is important to make certain this section is filled out accurately and completely. In order to ensure proper assessment and billing. If a printed label is on the form, please verify that the information is correct, make the necessary changes. Please state the actual location of your business in Boone County.
Property You Lease From Others (Page 1)
Please list all property you lease from others, with date acquired and cost of machinery & equipment, furniture & fixtures, and/or gross annual rent. We must have the name, address and phone number of the property owner and the type of property leased.
Real Estate (Page 1)
Item I: List all Boone County real estate property owned by your company. Description asked for is district, map and parcel number, which can be found on your real estate tax ticket.
Item II: List improvements or deletions since your last return. Please attach a copy of building permit.
Buildings On Leased Land (Page 1)
If you own any buildings situated on land belonging to someone else, you must list the name and address of the landowner. Also, list district, map and parcel number, if known.
Machinery & Equipment, Furniture & Fixtures, Leasehold Improvements and Computers
List all of the above in the calendar year of purchase and purchase cost. It is in the taxpayers advantage to list this property by year of purchase to receive full benefit from the depreciation schedules in the statewide computer system. 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. Computer equipment is to be listed separately to receive correct depreciation (five year life).
Any property which has been fully depreciated or written off MUST be reported. Any property which has been fully depreciated and NO LONGER USED as part of the production process should be reported on "Schedule G - Salvage Value Machinery & Equipment."
What is Leasehold Improvements? (Page 2)
Leasehold Improvements are any permanent improvements and/or additions, exclusive of buildings to leased property which have been made by the leasee. An example of this would be adding a new bathroom, a commercial exhast system, carpet, or any type of remodeling. All leasehold improvements are to be reported on Schedule A.
Inventory, Cosigned Inventory, Parts, Supplies
Taxpayer is to report all consigned goods, all supplies, parts and all inventory of merchandise for resale; in warehouse or in storage.
Vehicle/Motorboat/Rental Car/Mobile Home/Farm Equipment/Manufactured Home Dealers
Dealers of new and used motor vehicles, motorboats, motorcycles, recreation vehicles, trailers, mobile homes, manufactured homes and farm equipment are required to complete and attach the "Vehicle and Motorboat and Farm Equipment Dealer's Inventory Worksheet" in lieu of Schedule B. Daily passenger rental car companies are required to complete and attach the "Rental Car Inventory Worksheet" in place of Schedule B. Please read the instructions on the worksheets carefully before completeing it, as some exemptions may apply.
ALL DEALERS must submit an Income Statement to support information on the worksheet.
Warehouse Freeport Tax Amendment
Tangible personal property moving in interstate commerce, whether originating outside the or consigned to a warehouse within the state from outside of the state for storage in transit to a final destination outside the state; shall be exempt from ad valorem taxation unless a new or different product is created. Said products are not considered moving in interstate commerce until such time as the product is complete. If these goods are used in another activity within the state they are not exempt. Also, storage should not exceed six (6) months.
The Freeport Exemption does NOT apply to inventory of natural resources or goods in process of manufacture.
Machinery & Tools in Process of Installation
Machinery & Tools purchased, but not yet installed, are reported here.
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 & fixtures in process of construction. List cost and date acquired of all other personal property not reported on other schedules.
Vehicles, Trailers, Boats, Aircraft, and Mobile Homes
We must have a complete listing of all licensed and unlicensed vehicles titled in the name the company including year of purchase and purchase price. It is especially important that the purchase price and date of purchase be included for all industrial vehicles (i.e. dump trucks, backhoes, travel trailers, etc.). If you have more than six (6) vehicles, you are required to complete Form STC 12:00 - "Itemized Fleet Vehicle Report".
We need the following information to value your vehicles correctly.
Automobiles; Year, make, model, vehicle identification number, 2 or 4 wheel drive, date acquired and cost new.
Trucks & Small Trailers; Year, make, model, vehicle identification number, 2 or 4 wheel drive, size (1/2 or 3/4 ton), date acquired and cost new.
Large Trucks; Year, make, model, vehicle identification number, gross weight, number of axles, type (dump, day cab, sleeper, etc.). date acquired and purchase price.
NOTE: DO NOT report vehicles using apportioned plates.
Trailers; Year, make, model, vehicle identification number, type (box, tanker, refrigerator, dump, flatbed, etc.) length, number of axles, date acquired and purchase price.
For tankers, please list gallon capacity.
Aircraft; WV code Chapter 11 , Article 6H provides that the value of special aircraft property shall be salvage value. See Commercial Business Property Return to see if your business qualified.
Breeding Age Sheep and Goats (Page 3)
The Assessor is require to collect a fee of $1.00 on all breeding age sheep and goats. Monies are forwarded to the WV Department of Agriculture and used to help fund the Coyote Control Program.
Please include a check or money order for this tax made payable to "Boone County Assessor".
The cost new of any material 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.
Salvage Value Machinery & Equipment
List cost new of all machinery & equipment which has been fully depreciated and is NO LONGER USED AS PART OF THE PRODUCTION PROCESS. These items should not be reported on Schedule A.
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 Department of Tax & Revenue provides our office with a list of all qualified equipment.
Type of business Entity
Please check one: Corporation, Partnership, Sole Proprietorship or Other.
Description of Business Activity
Please describe your principal business activity.
WV State Business License Account Identification and Federal Employers Identification Number
Account Identification number or FEIN are now required.
North American Industry Classification System (NAICS) Code:
Please list the NAICS Code for your particular business, if you do not know your code, leave line blank.
Additional forms required:
Please make sure you include a copy of your Depreciation Schedule and Balance Sheet or Schedule C with your return.
Do I have to come into the office to file the assessment?
No, you do not have to come into the office to file. In fact, we encourage you to mail the assessment along with the required information.
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”. Please list your WV State Business License Account Identification number and FEIN, as required. If you have not completed all of the schedules, your return may be rejected and returned to you for completion. Your signature affirms the information to be correct. If we complete the form for you, it may result in erroneous information.
What do I do if my business has closed?
If you are no longer in business or have sold the business, list the date of closure or sale along with the purchaser’s name and address to have your account deleted from our records. Sign and date the form, and return it to our office, along with all other required information.
YOU MUST RETURN THIS FORM EVEN IF YOU HAVE CLOSED YOUR BUSINESS!
What do I need to send with my return
Corporations and partnerships are to submit a balance sheet as of June 30, each year. Sole Proprietorships are to submit a Schedule C from the prior year’s income tax return. Businesses are to submit a depreciation schedule and an asset listing of all machinery and equipment, furniture and fixtures, with the year acquired and purchase cost.