WV Commercial Business Property Return 2011-2025 free printable template

Office of County Assessor Commercial Business Property Return STATE OF WEST VIRGINIA County Code: 20 District: Account No.: Business Code: THIS RETURN IS TO BE FILED AS SOON AS POSSIBLE AFTER JULY

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How to fill out WV Commercial Business Property Return

1. Obtain the WV Commercial Business Property Return form from the West Virginia State Tax Department website or your local tax office.
2. Carefully read the instructions accompanying the form to understand the requirements and necessary information.
3. Fill out the business information section, including your business name, address, and contact details.
4. List all properties owned by the business, including their physical addresses, types, and classifications.
5. Report the acquisition cost, current value, and any improvements made to the properties.
6. Calculate the total value of all commercial property owned by your business.
7. Sign and date the form before submission.

Who needs WV Commercial Business Property Return?

1. Any business entity operating in West Virginia that owns commercial property must submit the WV Commercial Business Property Return.
2. This includes corporations, partnerships, sole proprietorships, and LLCs.

Video instructions and help with filling out and completing 12 32c

Instructions and Help about 12 32c form

When we think of property tax we normally think of something like real estate right, so you own your home you're assessed property taxes and those fund the school district in your area, but there's also a different type of property taxed and that's called personal property tax and personal property tax normally is going to pertain to an out a little thing here normally it's going to be something like a vehicle it's like a car a boat and in some cases in some states this actually could be something like tools right there's some kind of equipment that you use in your business, so it depends on the locale it depends on where you live and for the most part personal property tax is assessed at the local level or at the state level right so and let me just cross this out, so I mean no you're not talking about that so the state or local level, so there's no federal personal property tax right this isn't something you file with your annual tax returns to the federal government so not all states have a personal property tax, so it depends on where you live and so when they assess the personal property tax whether it be your local government in the state it's what's known as an ad valor em tax and what that means is that similar to real estate my property tax it's based on the value right so let me just actually will just say the assessed value it's just very important right so you might be thinking hey my car I think it's worth fifty-seven hundred dollars well maybe the Kelley blue book says it's worth seven thousand and maybe that's what the local area that that government uses to assess personal property in that region so whatever they have for their assessment process they're going to come up with an assessed value of your personal property and then you're going to be assessed taxes on that basis assuming that you have a personal property tax where you live so I'm just going to walk you through a short law example I know that that's probably some of you already got it but we'll just kind of walk through let's say that you own two cars right so you own two different vehicles and you have personal property tax where you lived and so let's say that the assessed value and let's see here so I've got a couple values here we're going to say these are the assessed values not what you think the value is or necessarily from what you the vehicle for although that might be relevant is depending on where you live but let's just say for whatever reason the assessed values of the cars are twenty-nine hundred dollars and seventeen hundred dollars okay however those numbers were arrived at those are the assessed values in this example and the personal property tax rate where you live is one percent so all you would do then is just take these assessed values and you just multiply it by the tax rate of one percent, so it's pretty simple it's its in that sense it's not all that different from real estate property tax and in this case the tax that would be due would be...

People Also Ask about

Who is exempt from personal property tax in West Virginia?

The first $20,000 of assessed value of owner-occupied residential property owned by a person age 65 or older or by a person who is permanently and totally disabled is exempt. Household goods and personal effects not used for commercial purposes.

Does West Virginia have a personal property tax?

West Virginia residents, and non-residents, who own personal property located in West Virginia are required to pay personal property taxes, which are collected by the Office of the Sheriff. Taxes are payable semi-annually and are due on September 1 and March 1.

Does West Virginia have business personal property tax?

Both real and personal business property are subject to the property tax in West Virginia.

How much is the transfer tax in West Virginia?

West Virginia levies a deed transfer tax (often referred to as an excise tax) on real property. The tax is $1.10 per $1,000. Each county has the authority to establish its own excise tax rate, which the majority do. West Virginia does not have a mortgage tax.

What is WV business use tax?

West Virginia's use tax is a 6% tax on the use of tangible personal property or services in West Virginia where West Virginia sales tax has not been paid. An additional municipal tax may also apply. This list provides examples of the types of businesses liable for use tax and is not intended to be all inclusive.

What is Class 4 property in WV?

Class IV: All property situated inside a municipality that is not taxed in Class I or Class II.

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What is WV Commercial Business Property Return?

The WV Commercial Business Property Return is a form that businesses in West Virginia must complete to report and assess their commercial property assets for tax purposes.

Who is required to file WV Commercial Business Property Return?

Businesses operating in West Virginia that own commercial real estate or personal property used for business purposes are required to file the WV Commercial Business Property Return.

How to fill out WV Commercial Business Property Return?

To fill out the WV Commercial Business Property Return, businesses should provide detailed information regarding their commercial properties, including descriptions, values, locations, and any applicable exemptions.

What is the purpose of WV Commercial Business Property Return?

The purpose of the WV Commercial Business Property Return is to ensure accurate assessment and valuation of commercial properties for taxation, thus providing a basis for local property tax revenue.

What information must be reported on WV Commercial Business Property Return?

The information that must be reported includes property descriptions, physical addresses, date of acquisition, cost and market value, type of business conducted, and any improvements made to the property.