Show NEW METHOD Of ASSESSMENT NOW IN Average Monthly Inventory Law v LawIs LavIs Is Explained Stocks of merchandise will tie lie e asses assessed ed this year on the average monthly inventory owned O or held by taxpayers q ayers during 1937 according according according ac ac- ac- ac cording to word received during the week from Irwin Invin Arnovitz chairman of the State Tax Commission Commission Commission Com Com- mission who released information pertaining to the new law governing governing gov gOY this assessment The he law calls for the taking and recording of inventories on the 1st of each month but since few merchants did this during 1937 it will probably be necessary to o compute the inventories fOrtl for tl this his s period according to Levi J. J Anderton Duchesne county assessor assessor assessor as as- sessor who has additional information information information mation on the methods of making making making mak mak- ing these computations at his of of- fice Extracts from the law and other other other oth oth- er information governing its execution execution execution ex ex- as released by the State Tax Commission follow 80 5 and 80 8 Revised Statutes of 1933 as Amended by Chapter 98 Laws of 1937 1 37 General Duties of C Co Assessor The county assessor must before before before be be- fore the day of April of each year ascertain the names of all taxable inhabitants and all property property property prop prop- erty in the county subject to taxation taxation taxation tax tax- except such as is required to 0 be assessed by the state tax ta and must assess such property to the person by whom it was owned o or claimed or in whose possession or control it was at 12 o'clock m. m of the 1st day of January next preceding and at its value on that date except except except ex ex- in the case cas of a person who owns or has In his possession or subject to his personal property within this state with authority to sell seIl it which has been purchased either in or 01 been consigned consigned consigned con con- signed to him from the place out of tl this s state for the purpose of being sold at a place within this state in which h instance the assessor assessor assessor as as- sessor must assess such property Continued On Page 8 NEWT NEW METHOD OF I ASSESSMENT NOW NOV IN FORCE Continued From Page One to such person using using- as its value the average value of such property property property prop prop- erty ascertained by taking the amount amount amount a- a mount in value on oa hand as nearly as possible in each month of the next preceding calendar year in which he has been engaged in such business adding together such amounts a- a amounts amounts a- a mounts and dividing the aggregate aggregate aggregate gate amount thereof by the number number number num num- ber of months that he has been engaged in such business during such year No mistake in the name of the owner or supposed owner of property renders the assessment assessment assessment assess assess- ment thereof invalid Assessors sha shall become fully acquainted with all property in their respective respective respective tive counties and are required to visit each separate district or precinct either in person or by deputy annually and in person or by deputy annually to inspect the property they are required to assess Statements by Taxpayers The county assessor may require require re re- quire from any person a statement statement statement state state- ment under oath setting forth specifically all the real and personal personal personal per per- property owned by such person or in his possession or under under under un un- un- un der his control at 12 o'clock m m. m on the the 1st day of January except in the case of a person with th personal personal personal per per- property within this state with authority to sell it which I has been purchased either in or been consigned to him from a place out of this state for the purpose purpose purpose pur pur- pose of being sold at a place within within within with with- in this state in which instance th the statement must set forth such personal property on hand or its value as nearly as possible in each month of the next preceding calendar year in which he has been engaged in such business Such statement must be in writing and shall show separately 1 All property belonging to or claimed by or in the possession or under the control or management manage manage- management ment of such person 2 All AU property belonging to claimed by or in possession or under under un un- un- un der the control or management of any firm finn of which such person is isa isa isa a member 3 All AIl property ty belonging to or claimed by or in the possession or under the control or management management management manage manage- ment of any corporation of o-f which such person is president secretary cashier or managing agent 4 4 The county in which such property is situated or in which it is liable to taxation and if liable to taxation in the county in which the statement was made also the city town school district district district dist dist- road district or other revenue revenue revenue reve reve- nue district in which it is situated ed I 5 All lands in parcels or subdivisions subdivisions subdivisions sub sub- divisions not exceeding six hundred hundred hundred hun hun- dred forty acres each and the sections and fractional sections of all tracts of land containing more than six hundred forty acres which have been by the United States government improvements improvements improvements im im- thereon 6 All personal property including including in in- all vessels steamers and other water craft Questions and Answers 1 Q What is the average inventory in- in inventory inventory in in- law A. A The average Inventory law lawis lawis lawis is a new law passed by the 1937 1037 session of the Utah Legislature and has reference to the assessment assessment assessment assess assess- ment of merchandise inventories for property tax purposes Chapter Chapter Chapter Chap Chap- ter 98 Law of Utah 1937 2 Q What are the objectives orthe of or the law A. A To equalize the assessment of property 3 What are the provisions ot of the law A. A In brief the law provides that the assessed value of merchandise merchandise merchandise mer mer- chandise shall be bc based upon the average monthly inventory for forthe forthe forthe the preceding ye year r. r 4 How does this change the assessment of merchandise A A. A In the past the merchandise merchandise dise assessment has been based on the inventory as of Ja January uary 1st I rather than the average for the I preceding year 5 To whom does the law apply A. A The law applies to all manufacturers wholesalers retailers re retailers re- re etc who have personal property in the state which they are arc holding for sale 6 When does the law become effective A. A It becomes effective with the valuation of property for assessment assessment assessment as as- in 1938 7 With whom should returns be filed A. A With the county assessor Forms for making the returns will willbe willbe willbe be furnished by by- bythe the county assessor asses asses- sor 8 Q What value should be used in making the return A. A Full per cent value The equalized value for assessment assessment assessment assess assess- ment will vill be computed by the county assessor 9 What figures enter into the computation of the Average Inventory A A. A The merchandise inventory on hand at the end of each month during the year 10 How is the average inventory in inventory inventory in- in to be computed A. A A A. If physical inventories have been taken on a monthly basis simply add the twelve monthly monthly monthly mon mon- inventories and divide by 12 If a business has been operated for less than a full year compute the average inventory on the basIs basis basis bas bas- is of the number of months the business has been operated If inventories have been taken only on a quarterly semi annual or annual basis the monthly inventory inventory I tory will need to be computed A simple supple method of computing the monthly inventory is outlined on the Merchants Statement of ot Personal Personal Personal Per Per- Property Detailed instructions instructions instructions on the use of this form will willbe willbe willbe be furnished upon request by the coun county ty assessors |