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It is the responsibility of each business owner to list his or her assets as of January 1st of each year.
Our office makes every effort to educate all business owners that the law requires them to list their assets. We have offered training seminars that have been taped and aired on the government channel. We also have new business packets located in various places throughout the county.
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The county no longer issues privilege license, however, if your business is located inside the city limits of Waynesville, Canton, Maggie or Clyde, or your business has a one-time job located inside either of these city limits you must check with that town.
There is no longer an Office located in Haywood County to get these numbers, however the Small Business Center of the Haywood Community College has a brochure with a lot of great information and phone numbers for new businesses to use as a guide. You may pick up one of these brochures in the Business Personal Property Office.
The numbers for the State and Federal ID numbers are:
All property that is used or held in connection with a business must be listed. This includes assets that are given as gifts.
North Carolina General Statute 105-304(f)(2) states “Tangible personal property situated at or commonly used in connection with a business premises hired, occupied, or used by the owner of the personal property (or by the owner’s agent or employee) is taxable at the place at which the business premises is situated. Tangible personal property that may be used by the public generally or that is used to sell or vend merchandise to the public falls within the provisions of this subdivision.”
The length of the listing period is during the month of January. Anything received after this time period, that does not have an extension, receives a late list penalty.
As explained in North Carolina General Statute 105-312 (h); the amount of penalty that is acquired through not listing during the regular listing period is 10% per year for each year, up to five years that the property had failed to be listed.
In order to avoid a late list penalty, the taxpayer must send in a written request for an extension showing good cause as to why the taxpayer needs additional time to list. The extension can be granted up to and no later than April 15th.
You may obtain any previous years listing at the Business Personal Property Office.
Anything used in connection with a business must be listed. This includes any personal property brought from the home or used in the home for the purpose of conducting business.
The cost information you provide on the listing form is depreciated from the year in which it was purchased. The schedule used in arriving at the current value is the trending schedule provided by the Department of Revenue. If you did not list, and you did not respond to the 30-day letter mailed to you, then the value placed on the business is an estimated value either based on previous years listings or like businesses.
Equipment is never depreciated down to a 0 value by the county. The trending schedules from the Department of Revenue only allows us to depreciate equipment down to a 25% residual value, which is the value the property holds until its disposal. The only exception is computer equipment, which is depreciated down to a 10% residual value.
All property assessed by the owner of the property as of January 1st of each year. If property was not sold until February then the January 1st owner is responsible for the listing of the property and the taxes owed is an issue between the buyer and seller.
A depreciation schedule or fixed asset schedule is a list of all assets owned by the business, sole proprietor, partnership or corporation. This list provides pertinent information that is useful in listing such as a description of the asset, the year in which the asset was purchased and the cost information.
All businesses in Haywood County are randomly selected for an audit. The main two objectives for auditing businesses are:
All taxpayers have the right to appeal. You must appeal within 30 days from the first notice of value. This must be done by a signed, written request to the Assessor.
General Statute 105-304 (f)(1) states “Tangible personal property situated at or commonly used in connection with a temporary or seasonal dwelling owned or leased by the owner of the personal property is taxable at the place at which the temporary or seasonal dwelling is situated.”
All furnishings must be listed; this includes stove, refrigerator, washer, dryer etc. If a rental is fully furnished the taxpayer has the option to itemize on the listing or use the 6% option, which allows you to use 6% of the value of the dwelling as your taxable value for the furnishings.
The directions that are attached with the listing form, clearly states that if a listing is marked “same as last year,” or has not been signed by an authorized signer, the listing will be rejected and could result in penalties being assessed. The General Statutes state that all tangible property is to be listed. Writing “same as last year” is not considered a listing.
There are many different resources our offices use in order to educate new business owners to list the property.
North Carolina General Statute 105-274 (a)(1-2) states “All property, real and personal within the jurisdiction of the State shall be subject to taxation unless it is:
If equipment is generally moved from one place to another the equipment must then, be listed to the county in which the business office is based.
Inventory is no longer considered taxable in the state of North Carolina. Inventory is items for sale during the regular course of business.
Listings must be signed by a legally authorized person.
A legally authorized person is:
There are two ways to get a form to list your business: