Form At3-75 - Personal Property Return - 2005 (Page 4 of 4) in pdf

IMPORTANT REMINDERS

2005

___________

• SB 56, passed during the 2000 session of the Maryland General Assembly, eliminated the financial franchise tax formerly

FORM

imposed on the savings banks and savings and loans. Effective January 1, 2001, these entities must file an annual personal prop-

erty return with the Department each year beginning with the return due April 16, 2001.

AT3-75

• This return shall include personal property owned by the entity as of January 1, 2005, regardless of any fiscal year used by the

PAGE 4

entity.

• PLEASE USE THE DEPARTMENT IDENTIFICATION NUMBER ASSIGNED TO YOUR ENTITY. If the ID# is not known, please call

our Personal Property Division at 410-767-1170 or use the “Find a Dept. ID” link on the Personal Property page of our web site

( ) to obtain the number.

• Line items 2, 4, 5, and 7 are not applicable to banks, savings banks, savings & loans, and trust companies and are therefore omitted.

• File the pre-addressed return to insure proper posting to your account.

• Laws relating to personal property are contained in the Tax-Property Article of the Annotated Code of Maryland.

• This return must be accompanied by Form 4A (Balance Sheet) or latest available balance sheet, and Form 4B (Depreciation Schedule), unless the entity does not own

any personal property in Maryland. All information on pages 2 and 3 of this report and supporting schedules are held confidential by the Department and are not available

for public inspection. Page 1 is public record. Tax-Property Article §2-212.

• If you discontinued business prior to January 1, 2005, notify the Department immediately, stating to whom and the date all personal property was sold. If the business is

sold after January 1, 2005, and before July 1, 2005, submit statement of sale, including value of personal property, date of sale, and the name and address of the buyer on

or before October 1, 2005.

• This return must be signed by an officer of the entity.

• Make check for the filing fee payable to Department of Assessments and Taxation. Place Department ID number on the check.

• New rules for 2005 personal property extensions: Internet extension requests are due by April 15th and are free of charge.

Paper extension requests are now due on or before March 15th and require a $20 processing fee for each entity.

PENALTY CLAUSES

DO NOT PAY PENALTIES AT THE TIME OF FILING THE RETURN

• LATE FILING PENALTIES. An entity which files an annual return postmarked after the due date of April 15, 2005, will receive an initial penalty of 1/10 of one percent of

the county assessment, plus interest at the rate of two percent of the initial penalty amount for each 30 days or part thereof that the return is late. Interest is calculated at

2% of the initial penalty for each 30 days or fraction of a 30-day period that the report is not submitted.

DO NOT PREPAY AN ANTICIPATED PENALTY. THE DEPARTMENT WILL BILL THE ENTITY FOR ANY LATE FILING PENALTY OWED.

• Entities which fail to file this report will receive estimated assessments which will be twice the estimated value of the personal property owned. In addition, failure to file

this report will result in forfeiture of the Maryland charter or the right to do business in Maryland.

DEPRECIATION RATE CHART FOR 2005 RETURNS

STANDARD DEPRECIATION RATE

CATEGORY D 30% per annum**

Data processing equipment, canned software.

CATEGORY A 10% per annum*

All property not specifically listed below.

CATEGORY E 33 1/3% per annum*

Blinds, carpets, drapes, shades. The following applies to equipment rental companies

SPECIAL DEPRECIATION RATES (Use of the rates listed below apply

only: rental stereo and radio equipment, rental televisions, rental video cassette recorders

only to the items specifically listed. Use Category A for other assets.)

and rental video tapes.

CATEGORY F 50% per annum*

CATEGORY B 20% per annum*

Pinball machines, rental tuxedos, rental uniforms, video games.

Mainframe computers originally costing $500,000 or more.

CATEGORY G 5% per annum*

CATEGORY C 20% per annum*

Boats, ships, vessels, (over 100 feet).

Autos (unlicensed), bowling alley equipment, brain scanners, carwash equipment, fax

machines, contractor’s heavy equipment (tractors, bulldozers), hotel, motel, hospital and

LONG-LIVED ASSETS

nursing home furniture and fixtures (room and lobby), MRI equipment, mobile telephones,

Property determined by the Department to have an expected life in excess of 10 years at

model home furnishings, music boxes, outdoor Christmas decorations, outdoor theater

the time of acquisition shall be depreciated at an annual rate as specified by the Department.

equipment, photocopy equipment, radio and T.V. transmitting equipment, rental pagers,

** Subject to a minimum assessment of 25% of the original cost.

rental soda fountain equipment, self-service laundry equipment, stevedore equipment,

theater seats, trucks (unlicensed), vending machines (cigarette, candy, soft drink), x-ray

** Subject to a minimum assessment of 10% of the original cost.

equipment.

DATE OF ASSESSMENT NOTIFICATION

OFFICE

USE ONLY

Form At3-75 - Personal Property Return - 2005 Page 4

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