The County Auditor, as an agent for the Ohio Department of Taxation, is responsible for facilitating the Tangible Personal Property Tax laws.
Any person, partnership, corporation or association who engages in business in Ohio on or after January 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 businesses in Ohio. The total listed value is prorated based on the number of full months in business in Ohio in that first year.
Filing Due Dates
The new taxpayer return (920-NT) is to be filed with the county auditor within 90 days of first engaging in business in Ohio. An extension of time of up to 45 additional days may be requested from the county auditor by written application. This return (920-NT) 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 Tangible Personal Property Tax is distributed back to the local taxing districts in the same manner as real estate taxes.
Generally speaking, anyone in business in Ohio is subject to tangible personal property tax on equipment, furniture, fixtures and inventory used in business.
Personal Property is assessed from tax returns, which are required to be filed. The Tax Commissioner is responsible for administering the Personal Property Tax laws; the County Auditor serves as a Deputy for the Tax Commissioner in this capacity.
Who Must File
Every business operating in Ohio, with the exception of financial institutions and public utilities, and having personal property with a total taxable value of at least $10,000 must file a tangible personal property tax return annually with the County Auditor. If the business operates in more than one county in Ohio, the return is filed directly with the Ohio Department of Taxation.
The tax return must be filed in duplicate between February 15 and April 30. The Auditor may grant an extension of forty-five days.
If any tax is due, at least one-half must be paid within ten days of filing the return or ten days after the close of the filing season. If the return is not filed, the taxpayer may have a forced assessment levied against him/.her.
If the tax is not paid, a lien is placed upon the tangible personal property as well as the real property in the taxpayer’s name. A list of unpaid taxes and taxpayers is published annually in the local newspaper.
For More Information
The Ohio Department of Taxation has the most frequently asked Personal Property tax questions and their answers available on their web site: http://tax.ohio.gov/
The Ohio Department of Taxation also has the official Personal Property tax forms and tax rates available on their web site as Adobe Acrobat PDF files. http://dw.ohio.gov/tax/dynamicforms/