Form 920NT Rev. 11/07 2008 Personal Property New Taxpayer Return File this return in duplicate with your county auditor within 90 days of starting business. No payment is required if the total tax due is less than $2. If the return is received late, the assessor will add a penalty of up to 50% of the remaining listed value after the full $10,000 exemption is applied. NOTICE Taxing District – 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. If you do not know your taxing district, check your real estate bill or contact your county auditor. American LegalNet, Inc. www.FormsWorkflow.com Administration of the Personal Property Tax determining “true value” of your personal property. Disclosure of valuation methods used should not be construed as “prime facie” acceptance by the tax commissioner of their use. 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 intercounty 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. 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.” Preliminarily assessed values of general business personal property are determined by the taxpayer, based upon requirements of the Ohio Revised Code (R.C.), Ohio Administrative Code (Ohio Adm. 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 Intercounty Return of Taxable Business Property, form 945, with the tax commissioner. 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 Taxpayer Service Centers of the Ohio Department of Taxation. Visit the department’s home page on the Internet at tax.ohio.gov. 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. 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. In completing a County Return of Taxable Business Property, you are required to disclose the valuation methods used for -1- American LegalNet, Inc. www.FormsWorkflow.com Special Instructions for New Taxpayer Return Any person, partnership, corporation or association who engages in business in Ohio on or after Jan. 1 of any year is a “new taxpayer” for that year. Whenever a taxpayer ceases business in Ohio, and in a subsequent year begins business in Ohio again, he is a new taxpayer for that year. The new taxpayer is liable for a property tax return in the year in which he commences business in Ohio. The total listed value is prorated based on the number of full months in business in Ohio in that first year. first day of business must be listed. The true value of the taxable property reported is the actual cost. Inventory must be listed at the average value for the remainder of the year. Estimate month-end values starting with the end of the month engaging in business and for each month-end throughout the remainder of the year. If additional locations will be opened later in the year, inventory for those locations must also be estimated for the new taxpayer return. The average value is the sum of the month-end values divided by the number of month-end values included. The estimated values reported may be amended at a later date, when actual month-end inventory values are known. Filing Due Dates – Form 920NT is used when the personal property of a new business is located in one Ohio county. The new taxpayer return (920NT) is to be filed with the county auditor and within 90 days of first engaging in business in Ohio. Form 945 is used when the personal property of a new business is located in multiple Ohio counties. The form 945 new taxpayer return is to be filed with the tax commissioner, again within 90 days of first engaging in business in Ohio. If form 945 is used, proration of the values should be performed in the individual schedules with the prorated value only carried forward to the recapitulation page. Prorating – The total listed value of the return is multiplied by a fraction that represents the portion of the year during which the taxpayer will be engaged in business in Ohio. The numerator of the fraction is the number of full months from the date of engaging in business to Dec. 31; the denominator is 12. This is the value to which the tax rates are applied to determine the amount of tax owed. Acquisition of Existing Business – When a new taxpayer has acquired an existing business and that business has filed a personal property tax return for the same year in which the new taxpayer acquires the business, taxes for property that was listed by the former owner need not be paid again by the new taxpayer. The new taxpayer must produce a copy of the return or assessment indicating that the same property has been listed or assessed for taxation for the same year. The amount of inventory that may be excluded is the lower of the average amount listed by the former owner in his return for the same year, or the amount transferred. Any property not listed in the former owner’s return and acquired before the new taxpayer’s first day of business must be listed. Average inventory in excess of the amount excludable must also be listed. An extension of time to file of up to 45 additional days may be requested from the county auditor or tax commissioner by written application. Form 993NT, or a letter containing all of the information requested on form 993NT, must be submitted requesting the extension. The new taxpayer return is for the year in which the business commenced in Ohio, even if it is not required to be filed until the next calendar year. The next tax return required to be filed is for the calendar year following the year in which the business began. That return is due in the normal filing period of Feb. 15 through April 30. All taxable property in that year’s return must be listed as of the close of business on Dec. 31 of the preceding calendar year (the year engaged in business). Inventory is listed at the average of the month-end values for each of the months that the taxpayer was engaged in business in that year. Use the number of month-end values included as the divisor. Listed values in this year’s return may not be prorated. Reorganization – Frequently, an existing business that had been organized as a proprietorship or partnership will be reorganized as a corporation, or other changes in the business structure take place that result in the existence of a new entity. In these circumstances, the new owner or business entity is considered a new taxpayer and required to file a new return for the year in which the change took place. These new taxpayers are subject to the same reporting requirements as those beginning a new business. A copy of the return filed for the same year by the former entity should be included with the new taxpayer return. Late Filing – If the return is not timely filed, the assessor will add a penalty of up to 50% of the taxable value after the full $10,000 exemption is applied. First Day of Business – The date of engaging in business has been generally defined as the day the business commences operations, which is not necessarily the day the business was organized or licensed in Ohio. In the case of a merchant, the day that the business opened for the purpose of selling merchandise would be the first day of business. In the case of a manufacturer, it would be the first day that production started. For other business activities, the first day of business would be the day that the intended business activity started. Alternate Listing Date – Ohio Adm. Code 5703-3-04 provides for the use of listing dates other than Dec. 31. Before a listing date other than Dec. 31 may be used, the taxpayer must be engaged in business for at least 12 months before that listing date. In certain instances, where property may be excluded from taxation for a year, or taxed twice in a year, the tax commissioner may authorize or require an alternate listing date for a taxpayer to exclude or to report property involved in a change of ownership. These circumstances may affect the new taxpayer’s return when an entire business or facility is acquired. Listing Date – For the new taxpayer return, the listing date is the first day of business in Ohio instead of Dec. 31 or a fiscal year-end. All taxable property, except inventory, owned on the -3- American LegalNet, Inc. www.FormsWorkflow.com average value is determined by dividing the sum of the monthend values in each taxing district by the number of months engaged in business in Ohio in that year, i.e., a merchant moving from taxing district “A” to taxing district “B” during the year would report the monthly values for all months and divide the total by the number of months in business in Ohio. If monthly inventory records are not maintained, a gross profits computation may be used (Ohio Adm. Code 5703-3-16). Listing and Valuing Personal Property “Personal property” is every tangible thing that is owned, except real property. “Real property” is defined as land, growing crops, all buildings, structures, improvements and fixtures on the land. Tangible personal property used in business in Ohio is taxed. This includes machinery and equipment, furniture and fixtures, small tools, supplies and inventory held for manufacture or resale. The value of manufacturing inventory must include the costs of raw material, goods-in-process and finished goods. Goodsin-process and finished goods must include all factory burden and overhead costs attributable to the manufacturing facilities and process. Such costs include, but shall not be limited to, indirect labor, insurance, utilities, taxes, transportation, rents and leases, repairs and maintenance, depreciation and amortization (Ohio Adm. Code 5703-3-27). $10,000 Exemption – The first $10,000 of listed value of taxable personal property owned by a taxpayer is exempt from taxation to the owner. The exemption is applied in the taxing district with the highest listed value. If that is less than $10,000, the remaining amount is applied in the taxing district with the next highest value until either the $10,000 exemption is exhausted or a net taxable value of zero is reached. This exemption is not transferable to another taxpayer and cannot be carried forward or back to any other year. A taxpayer not having a personal property tax liability because of the $10,000 exemption is not required to file a personal property tax return. The value of merchandising inventory must include the costs to acquire the inventory, taxes and freight. Inventories carried at retail must be restated at cost. Consigned manufacturing or merchandising inventory must be listed by the owner, but inventory consigned to a merchant from outside Ohio must be listed by the merchant. Exempt Property – Includes property used in agriculture, property for which an exempt facility certificate has been applied for or certified exempt, patterns, jigs, dies and drawings not held for sale, construction in progress not capable of use, and registered motor vehicles and aircraft. Supply inventories of a manufacturer must be listed in Schedule 3 on the average basis. All other supply inventories must be listed as of the listing date in Schedule 4. Inventories of taxpayers other than manufacturers and merchants must be listed as of listing date in Schedule 4. Such inventories include those of mines, quarries, laundries, dry cleaners, contractors, repair shops, garages, etc. Leased Property – Must be listed by the owner, regardless of the terms of the lease. If the lessee is obligated to purchase the property, then he is deemed to be the owner, otherwise the lessor is deemed to be the owner. If you lease property to a public utility or an interexchange telecommunications company, contact the Department of Taxation, Property Tax Division, for instructions. Lessees must list all tangible personal property held under lease on tax listing date on tax form 921, Ohio Balance Sheet, Exhibit C. Taxing Districts – Property must be listed in the taxing district where it is located. Taxing district names normally consist of a township, city or village and school district. Cities may have more than one taxing district. Taxing district numbers vary by county and can vary from county to state. If you do not know your taxing district, check your real estate bills or contact your county auditor. Inventories – Ohio law requires inventories of manufacturers and merchants to be listed on the average monthly basis. The Sample Tax Return of a New Taxpayer Queen’s Specialty Shops, Inc., incorporated in Ohio on July 15, 2008. The shop is a small retail operation that specializes in the sale of original arts and crafts items. Although the business was incorporated in July, it was a month later when the company opened its doors for business; the first day of business was Aug. 13, 2008. A new taxpayer return and balance sheet using an Aug. 13, 2008 listing date are required to be filed within 90 days of engaging in business, which in this example would be Nov. 12, 2008. Month-end inventory values are estimated for August through December, and the total of all such values is divided by five to determine the average. The true value of all other property is its cost. All listed values are then prorated by the fraction of 4/12, since the taxpayer will be engaged in business for four full months in 2008. A completed tax return for Queen’s Specialty Shops, Inc. for 2008 follows on the next page. Since the prorated taxable value (line 7) is less than the $10,000 threshold, the 2008 new taxpayer return is not required to be filed. The furniture and fixtures consist of wall shelving, center display islands, a desk and a file cabinet in a small room at the rear of the shop. The inventory is purchased from a select group of local amateur artists. The accounting records will be kept on an accrual basis. Inventory records reflect cost and will be accurately maintained to provide future month-end inventory values. -4- American LegalNet, Inc. www.FormsWorkflow.com Form 920NT 2008 Rev. 11/07 Example – New Taxpayer Return Franklin County (County in which property located) County Return of Taxable Business Property As of First Day of Business Aug. 13, 2008 Taxpayer name Queen’s Specialty Shops, Inc. File No. (If corporation, LP or LLC, as registered with the Ohio secretary of state) Taxpayer address (required) 9924 Oberlin Parkway, Columbus, OH 43215 County Auditor's Received Stamp City, state, ZIP code Business name Queen’s Specialty Shop Physical location of taxable property 9924 Oberlin Parkway Date business started in Ohio Aug. 13, 2008 Description of business Sales of arts and crafts Time Extension Permit 771947 32-0756971 411220 Ohio charter/registration number Federal employer identification number NAICS code number Social security number Ohio vendor's license number 25-968574 7-15-08 Date incorporated or qualified in Ohio Type of business: X Corporation Partnership LP LLC Sole proprietor Number of Full Months in Business Through Dec. 31, 2008 1A. Taxing district number ................. 1B. Taxing district name..................... 2. Schedule 2 (nearest $10) ........... 3. Schedule 3 (nearest $10) ........... 4. Schedule 3A (nearest $10) ......... 5. Schedule 4 (nearest $10) ........... 6. Total listed value ...................... 7. Prorated value 4/12 ........... 2 1 0 5 0 City of Columbus No. Other to granted 2008 4 months 0 1,070 15,630 16,700 5,560 8. $10,000 exemption ..................... 9. Taxable value ............................ 10. Tax rate ...................................... 5,560 -053.50 11. Tax ............................................. 12. Amount paid with return ............... -0-0- 13. Balance ...................................... 14. Schedule 5 ................................. -0- File this return in duplicate with your county auditor (within 90 days of starting business). No payment is required if the total tax due is under $2. Declaration I/we declare under penalties of perjury that this return (including any accompanying schedules and statements) has been examined by me/us and to the best of my/our knowledge and belief is a true, correct and complete return and report. E.J. Queen President 10/15/2008 Tax preparer/tax representative Date Signature of taxpayer Title Date E. J. Queen Address Printed name (614) 892-1137 ejqueen@qss.com Telephone E-mail address Telephone E-mail address -5- American LegalNet, Inc. www.FormsWorkflow.com Schedule 2 – Manufacturing Machinery and Equipment. List at 6.25% machinery first used in business in Ohio that is used in manufacturing or mining. If the value of equipment is based on other than book value, attach details of the computation. Taxing District Description True Value % Listed Value 6.25 6.25 6.25 6.25 6.25 6.25 6.25 Total (carry listed value by taxing district to line 2 on front of return) Schedule 4 – Furniture, Fixtures, Machinery and Equipment and Supplies Not Used in Manufacturing. List at 6.25% furniture, fixtures, machinery and equipment, supplies, small tools and repair parts used in laundries, dry cleaning, towel and linen supply, stone and gravel plants, radio and television broadcasting, and any other business not constituting manufacturing, and also inventories of other than a manufacturer or merchant and all domestic animals not used in agriculture. List property used by public utility companies, and other property used in generating and distributing electricity to others at the listing percentage for that type of property. Contact the Property Tax Division for instructions. If the value is based on other than book value, attach details of the computation. Taxing District Columbus True Value Furniture and fixtures % Listed Value $250,000 Description 6.25 $31,250 6.25 6.25 6.25 6.25 6.25 $250,000 $31,250 6.25 Total (carry listed value by taxing district to line 5 on front of return) Schedule 5 – New Investment Manufacturing Equipment. List by taxing district and cost all manufacturing equipment first used in business in Ohio after Jan. 1, 2008. See R.C. 5711.16 for a complete definition of a manufacturer, manufacturing equipment and manufacturing facility to determine if you qualify to list this equipment here or in Schedule 2. Taxing District Date First Used in Business in Ohio Description Cost Total 2008 qualifying costs (carry cost by taxing district to line 13 on front of return and to line 8c of form 921NT) -6- American LegalNet, Inc. www.FormsWorkflow.com Schedule 3 – Manufacturing Inventories – List at 6.25% of average value all inventories of raw materials, works in process and finished goods used in manufacturing or refining. Finished goods removed from the county of manufacture and inventory held for sale by a merchant must be listed in Schedule 3A. List property separately by the county and taxing district. Use the county number and correct name and number of the taxing district. Round listed values to the nearest $10 and carry forward to line 3. Ohio law requires monthly inventories to be listed. Method of Valuing Inventories Listed Source of Values Listed Perpetual inventory Physical inventory Gross profits method Dates physicals taken Net sales $ FIFO cost Standard cost LIFO cost Other Book Adjustments Date Amount DR/CR Book to physical LIFO reserve Other reserves County No. Taxing District Name & Number January February March April May June July August September October November December Total Values Average Value List @ 6.25% -7- American LegalNet, Inc. www.FormsWorkflow.com Schedule 3A – Merchandising Inventories – List at 6.25% of average value all inventories held for resale and finished goods removed from the county of manufacture. Inventories carried at retail value must be restated at cost. List property separately by the county and taxing district. Use the county number and correct name and number of the taxing district. Round listed values to the nearest $10 and carry forward to line 4. Ohio law requires monthly inventories to be listed. Method of Valuing Inventories Listed Source of Values Listed Perpetual inventory Physical inventory Gross profits method Dates physicals taken FIFO cost Standard cost LIFO cost Other Book Adjustments Date Amount DR/CR Book to physical LIFO reserve Other reserves Net sales $ County No. Taxing District Name & Number Columbus January February March April May June July August 16,500 September 16,600 October 17,000 November 17,300 December 18,100 Total Values 85,500 Average Value 17,100 List @ 6.25% 1,070 -8- American LegalNet, Inc. www.FormsWorkflow.com Form 921NT 2008 Rev. 11/07 Ohio Balance Sheet (Required to be filed with tax form 920NT) Name Queen’s Specialty Shops, Inc. Balance sheet as of FEIN/Social Security number 32-0756971 Aug. 13, 2008 Assets 1. Cash and deposits .......................................................................... 2. Notes and accounts receivable ..................................................... 3. Inventories A) Manufacturing .............................................................................. B) Merchandising ............................................................................. C) Supplies – manufacturing ............................................................ D) Supplies – other .......................................................................... E) Consigned ................................................................................... F) Agricultural machinery and equipment (merchandise) .................. G) Exempted inventory (including foreign trade zone) ....................... H) Other inventory ............................................................................ 4. Investments .................................................................................... 5. Land ................................................................................................ Ohio Cost 6. Buildings A) Taxed as real estate ........................................... B) Taxed as personal property ................................. 7. Leasehold improvements A) Taxed as real estate ........................................... B) Taxed as personal property ................................. 8. Machinery and equipment A) Taxed as real estate ........................................... B) Taxed as personal property ................................. C) Exempt manufacturing equipment H.B. 66 .......... 250,000 9. Furniture and fixtures ........................................... 10. Personal property leased to others A) Taxable ............................................................... B) Nontaxable ......................................................... 11. Capitalized leases ................................................ 12. Exempt personal property located in an enterprise zone (attach form 913EX) or a hazardous substance reclamation area .............. 13. Certified exempt facilities .................................... 14. Patterns, jigs, dies and drawings ........................ 15. Construction in progress A) Real property ...................................................... B) Personal property capable of use ....................... C) Personal property not capable of use .................. 16. Small tools ............................................................ 17. Vehicles and aircraft A) Registered or licensed ........................................ B) Other .................................................................. 18. Other assets Prepaid expenses ................................................... Deferred expenses ................................................. 19. Total assets ..................................................................................... Liabilities and Net Worth 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. Within Ohio Net Book Values 525 Total Net Book Values 16,500 250,000 143 228 267,396 Notes, accounts payable, bonds and mortgages ............................................................... Accrued expenses ................................................................................................................ Other liabilities, deferred credits ......................................................................................... Preferred stock ...................................................................................................................... Common stock ....................................................................................................................... Additional paid-in capital ..................................................................................................... Retained earnings ................................................................................................................ Appropriated earnings ......................................................................................................... Owner's capital ..................................................................................................................... Other ...................................................................................................................................... Total liabilities and net worth .............................................................................................. -9- 218,860 9,011 525 3,000 36,000 267,396 American LegalNet, Inc. www.FormsWorkflow.com Did you know that tax rates vary by taxing district? If you don’t know your taxing district or need specific information about a personal property, please contact your local county auditor with the exact street address of the property. What other personal property tax forms do I need to file? Form 902, Claim for Deduction from Book Value File this form if the value you claim is less than its depreciated book value, as shown on your books and records. Form 913 EX, Report of Exempt Personal Property Located in an Enterprise Zone or Hazardous Substance Reclamation This form is required when an exemption for property located in an enterprise zone is claimed. Form 937, True Value Computation This form is required to be filed when using the prescribed True Value Computation. Form 310, Inventory Held for Storage Only This form is required for inventory held in storage in a private warehouse in Ohio. These forms are available on our Web site at tax.ohio.gov, by contacting your local county auditor, or by writing the tax commissioner at P.O. Box 530, Columbus, Ohio 43216-0530. Taxpayer Identification and Recapitulation Enter all identification information. Please indicate the taxpayer name as registered with the Ohio secretary of state if a corporation or with the local county auditor if a vendor’s license is held. Indicate the type of business organization; if not a corporation, indicate whether it is a sole proprietorship, partnership, joint venture, etc. Line 1A, Taxing District Number ........ Enter the six-digit state taxing district number or the county taxing district number, if known. Line 1B, Taxing District Name ........... Enter the full exact taxing district by name (township, city and school district). Line 2, Schedule 2 ............................ Enter the listed value by taxing district (rounded to the nearest $10). Line 3, Schedule 3 ............................ Enter the listed value by taxing district (rounded to the nearest $10). Line 4, Schedule 3A .......................... Enter the listed value by taxing district (rounded to the nearest $10). Line 5, Schedule 4 ............................ Enter the listed value by taxing district (rounded to the nearest $10). Line 6, Total Listed Value .................. Add the listed values from lines 2, 3, 4 and 5 and enter here. Line 7, Proration ................................ Multiply line 6 by the number of full months in business divided by 12. Line 8, $10,000 Exemption ................ Enter the allowable exemption by taxing district. Line 9, Taxable Value ........................ Subtract the amount on line 8 from the amount on line 7 and enter here. Zero is the minimum amount. Line 10, Tax Rate .............................. Enter the tax rate for the taxing district. Line 11, Tax ....................................... Since tax rates are expressed in dollars per $1,000 of taxable valuation, you must multiply the “taxable value” on line 9 by the “tax rate” on line 10 and enter it here (i.e., rate of $65.50 converts to .06550). Line 12, Amount Paid ........................ Enter the amount paid when the return is filed. Line 13, Balance Due ........................ Enter the balance due for each taxing district. Line 14, Schedule 5 .......................... Enter the costs of all manufacturing equipment first used in business in Ohio after Jan. 1, 2008 and meeting the definition of manufacturing equipment in R.C. 5711.16. - 10 - American LegalNet, Inc. www.FormsWorkflow.com Form 920NT 2008 New Taxpayer Return Rev. 11/07 County (County in which property located) County Return of Taxable Business Property As of First Day of Business Taxpayer name File No. (If corporation, LP or LLC, as registered with the Ohio secretary of state) Taxpayer address (required) County Auditor's Received Stamp City, state, ZIP code Business name Physical location of taxable property Date business started in Ohio Description of business Time Extension Permit Ohio charter/registration number Federal employer identification number NAICS code number Date incorporated or qualified in Ohio Social security number Ohio vendor's license number No. Sole proprietor to Type of business: Corporation Partnership LP LLC Other granted 2008 Number of Full Months in Business Through Dec. 31, 2008 1A. Taxing district number ................. 1B. Taxing district name ..................... 2. Schedule 2 (nearest $10) ........... 3. Schedule 3 (nearest $10) ........... 4. Schedule 3A (nearest $10) ......... 5. Schedule 4 (nearest $10) ........... 6. Total listed value ...................... /12 ........... 7. Prorated value 8. $10,000 exemption ..................... 9. Taxable value ............................ 10. Tax rate ...................................... 11. Tax ............................................. 12. Amount paid with return ............... 13. Balance ...................................... 14. Schedule 5 ................................. File this return in duplicate with your county auditor (within 90 days of starting business). No payment is required if the total tax due is under $2. Declaration I/we declare under penalties of perjury that this return (including any accompanying schedules and statements) has been examined by me/us and to the best of my/our knowledge and belief is a true, correct and complete return and report. Tax preparer/tax representative Address Telephone Date Signature of taxpayer Title Date Printed name E-mail address Telephone - 11 - E-mail address American LegalNet, Inc. www.FormsWorkflow.com Schedule 2 – Manufacturing Machinery and Equipment. List at 6.25% machinery first used in business in Ohio that is used in manufacturing or mining. If the value of equipment is based on other than book value, attach details of the computation. Taxing District True Value Description % Listed Value 6.25 6.25 6.25 6.25 6.25 6.25 6.25 Total (carry listed value by taxing district to line 2 on front of return) Schedule 4 – Furniture, Fixtures, Machinery and Equipment and Supplies Not Used in Manufacturing. List at 6.25% furniture, fixtures, machinery and equipment, supplies, small tools and repair parts used in laundries, dry cleaning, towel and linen supply, stone and gravel plants, radio and television broadcasting, and any other business not constituting manufacturing, and also inventories of other than a manufacturer or merchant and all domestic animals not used in agriculture. List property used by public utility companies, and other property used in generating and distributing electricity to others at the listing percentage for that type of property. Contact the Property Tax Division for instructions. If the value is based on other than book value, attach details of the computation. Taxing District True Value Description % Listed Value 6.25 6.25 6.25 6.25 6.25 6.25 6.25 Total (carry listed value by taxing district to line 5 on front of return) Schedule 5 – New Investment Manufacturing Equipment. List by taxing district and cost all manufacturing equipment first used in business in Ohio after Jan. 1, 2008. See R.C. 5711.16 for a complete definition of a manufacturer, manufacturing equipment and manufacturing facility to determine if you qualify to list this equipment here or in Schedule 2. Taxing District Date First Used in Business in Ohio Description Cost Total 2008 qualifying costs (carry cost by taxing district to line 14 on front of return and to line 8c of form 921NT) - 12 - American LegalNet, Inc. www.FormsWorkflow.com Schedule 3 – Manufacturing Inventories – List at 6.25% of average value all inventories of raw materials, works in process and finished goods used in manufacturing or refining. Finished goods removed from the county of manufacture and inventory held for sale by a merchant must be listed in Schedule 3A. List property separately by the county and taxing district. Use the county number and correct name and number of the taxing district. Round listed values to the nearest $10 and carry forward to line 3. Ohio law requires monthly inventories to be listed. Method of Valuing Inventories Listed Source of Values Listed Perpetual inventory Physical inventory Gross profits method Dates physicals taken Net sales $ FIFO cost Standard cost LIFO cost Other Book Adjustments Date Amount DR/CR Book to physical LIFO reserve Other reserves County No. Taxing District Name & Number January February March April May June July August September October November December Total Values Average Value List @ 6.25% - 13 - American LegalNet, Inc. www.FormsWorkflow.com Schedule 3A – Merchandising Inventories – List at 6.25% of average value all inventories held for resale and finished goods removed from the county of manufacture. Inventories carried at retail value must be restated at cost. List property separately by the county and taxing district. Use the county number and correct name and number of the taxing district. Round listed values to the nearest $10 and carry forward to line 4. Ohio law requires monthly inventories to be listed. Method of Valuing Inventories Listed Source of Values Listed Perpetual inventory Physical inventory Gross profits method Dates physicals taken Net sales $ FIFO cost Standard cost LIFO cost Other Book Adjustments Date Amount DR/CR Book to physical LIFO reserve Other reserves County No. Taxing District Name & Number January February March April May June July August September October November December Total Values Average Value List @ 6.25% - 14 - American LegalNet, Inc. www.FormsWorkflow.com Form 921NT 2008 Rev. 11/07 Ohio Balance Sheet (Required to be filed with tax form 920NT) Name Balance sheet as of FEIN/Social Security number 2008 Assets Within Ohio Net Book Values Total Net Book Values 1. Cash and deposits .......................................................................... 2. Notes and accounts receivable ..................................................... 3. Inventories A) Manufacturing .............................................................................. B) Merchandising ............................................................................. C) Supplies – manufacturing ............................................................ D) Supplies – other .......................................................................... E) Consigned ................................................................................... F) Agricultural machinery and equipment (merchandise) .................. G) Exempted inventory (including foreign trade zone) ....................... H) Other inventory ............................................................................ 4. Investments .................................................................................... 5. Land ................................................................................................ Ohio Cost 6. Buildings A) Taxed as real estate ........................................... B) Taxed as personal property ................................. 7. Leasehold improvements A) Taxed as real estate ........................................... B) Taxed as personal property ................................. 8. Machinery and equipment A) Taxed as real estate ........................................... B) Taxed as personal property ................................. C) Exempt manufacturing equipment H.B. 66 .......... 9. Furniture and fixtures ........................................... 10. Personal property leased to others A) Taxable............................................................... B) Nontaxable ......................................................... 11. Capitalized leases ................................................ 12. Exempt personal property located in an enterprise zone (attach form 913EX) or a hazardous substance reclamation area .............. 13. Certified exempt facilities .................................... 14. Patterns, jigs, dies and drawings ........................ 15. Construction in progress A) Real property ...................................................... B) Personal property capable of use ....................... C) Personal property not capable of use .................. 16. Small tools ............................................................ 17. Vehicles and aircraft A) Registered or licensed ........................................ B) Other .................................................................. 18. Other assets ................................................ ................................................ 19. Total assets ..................................................................................... Liabilities and Net Worth 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. Notes, accounts payable, bonds and mortgages ............................................................... Accrued expenses ................................................................................................................ Other liabilities, deferred credits ......................................................................................... Preferred stock ...................................................................................................................... Common stock ....................................................................................................................... Additional paid-in capital ..................................................................................................... Retained earnings ................................................................................................................ Appropriated earnings ......................................................................................................... Owner's capital ..................................................................................................................... Other ...................................................................................................................................... Total liabilities and net worth .............................................................................................. - 15 - American LegalNet, Inc. www.FormsWorkflow.com 2008 Exhibits for Balance Sheet Reconciliation and Leased Property/Consigned Inventory Exhibit A – Reconciliation of Balance Sheet Line Numbers 3, 8B, 9, 10, 13, 15B and 16 B/S Line No. Book Value Value Returned Reconcile Differences Difference Exhibit B Please provide a brief description of leasehold improvements and machinery and equipment taxed as real (lines 7A and 8A). B/S Line No. Itemization Amount Exhibit C – Leased Property List all tangible personal property held under lease on tax listing day. Name and Address of Property Owner Lease: Lease: Start Date Ending Date Type of Property Gross Annual Rental Exhibit D – Inventory Held Under Bailment, Consignment, Contract Agreement List all inventories held on consignment or as bailment, or under contract, and in your possession during the reporting period and not listed in this return. Name and Address of Inventory Owner Inventory Type (Mfg or Mer) - 16 - Inventory Location Address Estimated Average Value American LegalNet, Inc. www.FormsWorkflow.com Inventory Exclusion Worksheet Ohio Adm. Code 5703-3-18, Tangible Personal Property Tax; New Taxpayers. (A) A person who engages in business in this state on or after the first day of January in any year shall, for that year, list his taxable personal property, except inventory, as to value, ownership and taxing district as of the first day he engages in business. Inventory shall be similarly listed, except the value shall be the probable average value intended to be used in business from the first day of business until the first day of the next January. (B) The valuation of all property to be listed by a new taxpayer shall be calculated by multiplying the value or average value by a fraction whose numerator is the number of full months engaged in business during such first year and whose denominator is 12. (C) A new taxpayer who has acquired personal property, other than inventory, need not list such property for the first year of business if he can prove to the assessor, under oath or by producing a copy of the return or assessment, that the same items of property have been listed or assessed for taxation for such year in this state. (D) A new taxpayer who acquires an ongoing business may exclude from his tax return for the first year of business inventory transferred to him by the predecessor if he can prove to the assessor, under oath or by producing a copy of the return or assessment, that the predecessor has listed such inventory for such year. The exclusion is limited to the value of the inventory transferred or the predecessor’s average inventory value associated with the inventory transferred, whichever is less. (E) Paragraphs (C) and (D) of this rule do not apply to personal property acquired in the ordinary course of business. This worksheet may be used by a new taxpayer who acquires an ongoing business to determine possible exclusions on inventory per Ohio Adm. Code 5703-3-18, paragraph D, on what inventory is reportable. General Information Taxpayer name Return year First day of business Previous owner’s name Schedule 3 State taxing district number Date of transfer Schedule 3A County Taxing district name Computation (A) Amount of inventory transferred ...................................................................................... $ (B) Average reported by previous owner ............................................................................... $ (C) New taxpayer’s probable average ................................................................................... $ (D) Excludable amount of lesser of (A) or (B) ....................................................................... $ (E) Reportable average inventory (C) less (D) ....................................................................... $ (F) List value (E) times 6.25%, carry to Schedule 3 or 3A, last line ..................................... $ - 17 - American LegalNet, Inc. www.FormsWorkflow.com P.O. Box 530 Columbus, OH 43216-0530 Ohio has more than 4,000 taxing districts, each with a different tax rate. If you are unsure of the taxing district where your business and property is located, contact your county auditor at the number listed below. Telephone assistance is provided to 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 1-800-750-0750. County Telephone No. No. County Telephone No. 01 02 03 04 Adams Allen Ashland Ashtabula 937-544-2364 419-228-3700 #8807 419-282-4218 440-576-3794 45 46 47 48 Licking Logan Lorain Lucas 740-670-5059 937-599-7215 440-329-5217 419-213-4338 05 06 07 08 Athens Auglaize Belmont Brown 740-592-3227 419-739-6705 740-699-2131 937-378-6398 49 50 51 52 Madison Mahoning Marion Medina 740-852-9717 330-740-2010 740-223-4020 330-725-9760 09 10 11 12 Butler Carroll Champaign Clark 513-887-3160 330-627-2250 937-484-1600 937-328-2427 53 54 55 56 Meigs Mercer Miami Monroe 740-992-2698 419-586-6402/6403 937-440-5944 740-472-0873 13 14 15 16 Clermont Clinton Columbiana Coshocton 513-732-8149 937-382-2250 330-424-9515 740-622-1243 57 58 59 60 Montgomery Morgan Morrow Muskingum 937-225-4315/4316 740-962-4475 419-946-4060 740-455-7109 17 18 19 20 Crawford Cuyahoga Darke Defiance 419-562-7941 216-443-7165 937-547-7310 419-782-1926 61 62 63 64 Noble Ottawa Paulding Perry 740-732-4044 419-734-6740 419-399-8205 740-342-2074/1627 21 22 23 24 Delaware Erie Fairfield Fayette 740-833-2900 419-627-7742 740-687-7027 740-335-6461 65 66 67 68 Pickaway Pike Portage Preble 740-474-4765 740-947-4125/2713 330-297-3579/3565 937-456-8148 25 26 27 28 Franklin Fulton Gallia Geauga 614-462-3230 419-337-9200 740-446-4612 #217 440-279-1613 69 70 71 72 Putnam Richland Ross Sandusky 419-523-6686 419-774-5507 740-702-3080 419-334-6127 29 30 31 32 Greene Guernsey Hamilton Hancock 937-562-5074 740-432-9248 513-946-4100 419-424-7019 73 74 75 76 Scioto Seneca Shelby Stark 740-355-8346 419-447-0692 937-498-7202 330-451-7345 33 34 35 36 Hardin Harrison Henry Highland 419-674-2239/2290 740-942-8861 419-592-1956 937-393-1915 77 78 79 80 Summit Trumbull Tuscarawas Union 330-643-2669 330-675-2446 330-365-3220 #3321 937-645-3003 37 38 39 40 Hocking Holmes Huron Jackson 740-385-2127 330-674-1896 419-668-8464 740-286-4231 81 82 83 84 Van Wert Vinton Warren Washington 419-238-0843 740-596-4571 #231 513-695-1234 740-373-6623 #338 41 42 43 44 Jefferson Knox Lake Lawrence 740-283-8511 740-393-6750 440-350-2533/2531 740-547-3507 85 86 87 88 Wayne Williams Wood Wyandot 330-287-5430 419-636-5639 #340 419-354-9153 419-294-1531 No. - 18 - American LegalNet, Inc. www.FormsWorkflow.com 2008 GEAUGA COUNTY RATES OF TAXATION TAX YEAR 2007 Form Form 920 Taxing District Name Rates 945 01 Auburn Township-Kenston LSD 115.760 28-0010 02 Bainbridge Township-Kenston LSD 128.340 28-0020 03 Bainbridge Township-Chagrin Falls EVSD 148.150 28-0260 04 Burton Township-Berkshire LSD 77.150 28-0030 05 Burton Village-Berkshire LSD 79.650 28-0040 06 Chardon Township-Chardon LSD 95.180 28-0050 07 Chardon Township-Concord LSD 82.950 28-0270 08 Chardon Township-Kirtland LSD 96.140 28-0280 09 Chardon Township-Mentor EVSD 99.125 28-0290 10 City of Chardon-Chardon LSD 99.480 28-0060 11 Chester Township-West Geauga LSD 90.400 28-0070 12 Claridon Township-Berkshire LSD 79.300 28-0080 13 Claridon Township-Chardon LSD 97.880 28-0090 14 Aquilla Village-Chardon LSD 103.480 28-0100 15 Hambden Township-Chardon LSD 99.280 28-0110 16 Huntsburg Township-Cardinal LSD 82.250 28-0120 17 Huntsburg Township-Ledgemont LSD 80.410 28-0130 18 Middlefield Township-Cardinal LSD 82.670 28-0140 19 Middlefield Village-Cardinal LSD 82.900 28-0150 20 Montville Township-Ledgemont LSD 82.110 28-0160 21 Munson Township-Chardon LSD 100.730 28-0170 22 Munson Township-West Geauga LSD 84.050 28-0180 23 Newbury Township-Newbury LSD 85.590 28-0190 24 Newbury Township-Kenston LSD 113.290 28-0200 25 Parkman Township-Cardinal LSD 80.550 28-0210 26 Russell Township-West Geauga LSD 93.900 28-0220 27 Hunting Valley Village-West Geauga LSD 76.900 28-0310 28 Russell Township-Chagrin Falls EVSD 146.500 28-0300 29 South Russell Village-Chagrin Falls EVSD 136.350 28-0320 30 Thompson Township-Ledgemont LSD 83.910 28-0230 31 Thompson Township-Madison LSD 87.910 28-0330 32 Troy Township-Berkshire LSD 82.400 28-0240 33 Troy Township-Cardinal LSD 85.750 28-0250 American LegalNet, Inc. www.FormsWorkflow.com