Business Personal Property Kentucky Department of Revenu 2020

Methods and guidelines provided with Form 62A500. Schedules A and B list six economic life classes. The owner of consigned manufacturing or merchandising inventory must list the property. Kentucky merchants must list merchandise consigned by a nonresident on the Consignee Tangible Personal Property Tax Return Revenue Form 62A500-C. DO NOT complete this form if you have included the leased property on your Form 62A500. Attach additional schedules if necessary. Used Boats Held for Sale by a Licensed Boat Dealer A separate schedule Form 62A500-MI is included with this instruction package. Line-by-Line Instructions The following describes the various property categories. Report these values on Form 62A500 page 1. List qualifying property on Form 62A500 Schedule B. Fair Cash Value Computation The fair cash value computation begins with cost. Listing and Valuing Tangible Personal Property List depreciable property on Form 62A500 Schedule A or B based on its economic life. Section 81 is subject to taxation at a state rate only. Complete Form 62A500 using the composite conversion factors for certificate or letter. All returns postmarked after May 15 2019 will be assessed for the tax plus applicable penalties and interest by the Department of Revenue. Enter your Federal Employer Identification Number or Social Security on all returns schedules attachments and correspondence. It is recommended to use Federal Employer Identification Number FEIN if business has FEIN* Staple all pages of each return together. Go to www. revenue. ky. gov to download forms. Kentucky Department of Revenue Mission Statement As part of the Finance and Administration Cabinet the mission of the revenue and provide services in a fair courteous and efficient manner for the benefit of the Commonwealth and its citizens. The Kentucky Department of Revenue does not discriminate on the basis of race color national origin sex age religion disability sexual orientation gender identity veteran status genetic information or ancestry in employment or the provision of services. File a tangible property tax return for each property location within Kentucky. The return must include the property location by street address and county. A post office box is not acceptable as the property address. File the return between January 1 and May 15. If May 15 falls on a weekend the return is due the first business day following May 15. Use the appropriate year form for the assessment date. Do not enclose the tangible return with the income tax return* in the county of taxable situs. See pages 11 and 12 for a complete listing of mailing addresses. These instructions do not supersede the Kentucky Constitution or applicable Kentucky Revised Statutes. Returns filed after the due date are billed by the Division of State Valuation* The tangible return and instructions do not apply to real property registered motor vehicles apportioned vehicles or the following classes of property which should be reported to the Public Service Branch Classification of Property Real property includes all lands within this state and improvements thereon* Tangible personal property is every physical item subject to ownership except real and intangible property.