NORTH CAROLINA PROPERTY TAX LAWS​ | INSTRUCTIONS SECTION

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Complete all sections at the top of the form, whether or not they are specifically addressed in these INSTRUCTIONS. Attach additional sheets if necessary.

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Physical address: note here the location of the property. The actual physical location may be different from the mailing address. Post Office Boxes are not acceptable. Please correct all Rural Routes to 911 address updates.

Principal Business in this County: What does the listed business do? For example: Tobacco Farmer, Manufacture electrical appliances, Laundromat, Restaurant.

Other N.C. Counties where personal property is located: If your business has property normally located in other counties, list those counties here.

Contact person for audit: In case the county tax office needs additional information, or to verify the information listed, list the person to be contacted here.

 

If out of business: If the business we have sent this form to has closed, please complete this section and attach any additional information regarding the sale of the property.

 

Make any necessary address changes.

Social Security Number. The disclosure of this number is voluntary. This number is needed to establish the identification of individuals. The authority to require this number for the administration of a tax is given by United States Code Title 42, Section 405(c)(2)(c)(i) and N.C.G.S. 105-309

 

 

SCHEDULE A

 

The year acquired column: The rows which begin “2004” are the rows in which you report property acquired during the calendar year 2004. Other years follow the same format.

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Schedule A is divided into eight (8) groups. Each is addressed below. Some records may have the column “Prior Years Cost” pre-printed. This column should contain the cost information from last year’s listing. If it does not, please complete this column, referring back to your last year’s listing. List under “Current Year’s Cost” the 100% cost of all depreciable personal property in your possession on January 1. Include all fully depreciated assets as well. Round amounts to the nearest dollar.

Use the “Additions” and “Deletions” column to explain changes from “Prior Year Cost” to “Current Year Cost”. The “Prior Year’s Cost” plus “Additions” minus “Deletions” should equal “Current Year Cost”. If there are any additions and/or deletions, please attach a separate sheet, which describes and gives the cost of each of those additions and/or deletions. If the deletion is a transferred or paid out lease, please note this, and to whom the property was transferred.

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Costs

 

Note that the cost information you provide must include all costs associated with the acquisition as well as the costs associated with bringing that property into operation. These costs may include, but are not limited to invoice cost, trade-in allowances, freight, installation costs, sales tax, and construction period interest.

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The cost figures reported should be historical cost, that is the original cost of an item when first purchased, even if it was first purchased by someone other than the current owner. For example, you, the current owner, may have purchased the equipment in 2004 for $100, but the individual you purchased the equipment from acquired the equipment in 1998 for $1000. You, the current owner, should report the property as acquired in 1998 for $1000.

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Property should be reported at it’s market cost at the retail level of trade. For example, manufacturer of computers can make a certain model for $1000 total cost. It is typically available to any retail customer for $2000. If the manufacturer uses the model for business purposes, he should report the computer at it’s market cost at the retail level of trade, which is $2000, not the $1000 it actually cost the manufacturer. Manufacturer/lessor businesses that lease the equipment that they manufacture must list their equipment at the retail level of trade rather than their manufacturing cost.

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Group (1) Machinery & Equipment

 

This is the group used for reporting the cost of all machinery, equipment and signs used in the operation of your business. Includes all warehouse and packaging equipment, as well as manufacturing equipment, production lines, hi-tech or low-tech. List the total cost by year of acquisition, including fully depreciated assets that are still connected with the business.

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For example, a manufacturer of textiles purchased a knitting machine in October 2004 for $10,000. The sales tax was $200, shipping charges were $200, and installation costs were $200. The total cost that the manufacturer should report is $10,600, if there were no other costs incurred. The $10,600 should be added in group (1) to the 2004 additions and the 2004 current year’s cost column.

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Group (2) Office Furniture & Fixtures

 

This group is for reporting the costs of all furniture & fixtures and small office machines used in the business operation. This includes, but is not limited to, file cabinets, desks, chairs, adding machines, curtains, blinds, ceiling fans, window air conditioners, telephones, intercom systems, and burglar alarm systems.

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Group (3) Computer Equipment

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This group is for reporting the costs of non-production computers & peripherals. This includes, but is not limited to, personal computers, midrange, or mainframes, as well as the monitors, printers, scanners, magnetic storage devices, cables, & other peripherals associated with those computers. This category also includes software that is capitalized and purchased from an unrelated business entity. This does not include high tech equipment such as computerized point of sale equipment or high-tech medical equipment, or computer controlled equipment, or the high-tech computer components that control the equipment. This type of equipment would be included in Group (1). Point Of Sale Equipment (POS) Is Not Considered as Computer Equipment.

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Group (4) Leasehold Improvements

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This group includes real estate improvements to leased property contracted for, installed and paid by the lessee which may remain with the real estate, thereby becoming an integral part of the leased fee real estate upon expiration or termination of the current lease, but which are the property of the current lessee who installed it. (Examples are lavatories installed by lessee in a barbershop, special lighting, or dropped ceiling.) If you have no leasehold improvements write “none”. Please provide our office with a detail list of leasehold improvements.

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Group (5) Copiers

 

This group is used for reporting copiers for your business.

Group (6) Expensed Items

 

This group is for reporting any assets that would typically be capitalized, but due to the business’ capitalization threshold, they have been expensed. Section 179 expensed items should be included in the appropriate group (1) through (5). Fill in the blank that asks for your business’ “Capitalization Threshold.” If you have no expensed items write “none”.

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Group (7) Construction in Progress (CIP)

 

CIP is business personal property which is under construction on January 1. The accountant will typically not capitalize the assets under construction until all of the costs associated with the asset are known. In the interim period, the accountant will typically maintain the costs of the asset in a CIP account. The total of this account represents investment in tangible personal property, and is to be listed with the other capital assets of the business during the listing period. List in detail. If you have no CIP, write “none”

 

Group (8) Supplies

 

Almost all businesses have supplies. These include normal business operating supplies. The “TYPE” column is for, but is not limited to the following “types” of supplies: OFFICE SUPPLIES, MAINTENANCE & JANITORIAL SUPPLIES, MEDICAL, DENTAL OR OTHER PROFESSIONAL SUPPLIES, BEAUTY & BARBER SHOP SUPPLIES, FUELS OF ALL KINDS, EQUIPMENT, SPARE PARTS, HOTEL & MOTEL SUPPLIES. The type and cost on hand as of January 1. Remember, the temporary absence of property on January 1 does not mean it should not be listed if that property is normally present. Supplies that are immediately consumed in the manufacturing process or that become a part of the property being sold, such as packaging materials, or raw materials, for a manufacturer, do not have to be listed. Even though inventory is exempt, supplies are not. Even if a business carries supplies in an inventory account, they remain taxable.

 

 

SCHEDULE B

 

Vehicular Equipment, Aircraft, Manufactured Homes & Office Space

 

Unregistered Motor Vehicles, vehicles located here but registered in another state, and trailers with a multi-year registration. This category is for these types of equipment only. DO NOT list motor vehicles with a current North Carolina Registration. If the vehicle is located in North Carolina, but has another state’s tag, list them here. Also, list any motor vehicles that are not registered at all or semi-trailers or trailers registered on multi year basis. Short term rental or leased vehicles with (UDR) U-DRIVE tags are exempted from property tax. Session Law 2000-2 Gross Receipts Tax replaces the ad-valorem tax previously levied on these vehicles

 

 

SCHEDULE C

 

Leased Equipment

If on January 1, you have in your possession any business machines, machinery, furniture, vending equipment, game machines, postage meters, or any other equipment which is loaned, leased, or otherwise held and not owned by you, a complete description and ownership of the property should be reported in this section. This information is for office use only. Assessments will be made to the owner/lessor. If you have already filed the January 15th report required by N.C.G.S. 105-315, so indicate. If you have none, write “none” in this section. If property is held by a lessee under a “capital lease” where there is a conditional sales contract, or if title to the property will transfer at the end of the lease due to a nominal “purchase upon termination” fee, then the lessee is responsible for listing under the appropriate group. Equipment purchased under a capital lease should be listed in schedule A. Operating leases should be listed in schedule C.

 

Affirmation (Signature)
If an authorized person does not sign the form, it will be rejected and could be subject to penalties. Please read the information on this section of the form regarding who may sign the listing form.

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• Schedule A – Depreciable Personal Property

• Schedule B – Vehicular Equipment

• Schedule B – Aircraft, Boats, Motors, and Manufactured Homes

• Schedule C – Supplies

Business personal property must be listed for tax purposes on an annual basis. Business personal property includes, but is not limited to, supplies, machinery, equipment, computers, furniture, fixtures, leasehold improvements, airplanes and farm machinery. Any income producing property is considered by North Carolina General Statutes as business personal property.

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All business personal property that is subject to taxation must be listed within the time period of January 1 through January 31. View/print complete listing instructions. View/print BBP listing form. The Board of County Commissioners has the authority to extend the listing period. Listing extensions for business personal property may be requested in writing prior to the close of the regular listing period. Obtain an extension request form. This request must be for a good cause and cannot be extended beyond April 15. Failure to list within the required period will result in a penalty of 10% of the total tax levied.

Listings are due on or before January 31.

They must be filed with Robeson County Tax Department at:

Robeson County Tax Dept
550 North Chestnut Street.
Lumberton, NC 28358

 

As required by state law, late listings will receive a penalty. An extension of time to list may be obtained by sending a written request showing “good cause” to the County Tax Administrator by January 31.

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Listings submitted by mail shall be deemed filed as of the date shown on the postmark affixed by the U.S. Postal Service. Any other indication of the date mailed (such as your own postage meter) is not considered and the listing shall be deemed filed when received in the office of the tax assessor.

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Any person who willfully attempts, or who willfully aids or abets any person to attempt in any manner to evade or defeat the taxes imposed under this Subchapter (of the Revenue Laws), whether by removal or concealment of property or otherwise, shall be guilty of a Class 2 misdemeanor.

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