West Virginia Code 11-3-15 – Assessment of capital used in trade or business by natural persons or unincorporated businesses
(a) The value of the capital used by any individual or firm, not incorporated, in any trade or business taxable by law, shall be ascertained in the following manner: The owner, agent or chief accountant of every trade or business, except the business of agriculture, carried on in any county of the state shall annually, on or after the assessment date and on or before September 1, make a written report to the assessor, verified by his or her affidavit, showing the following matter and things determined as of the assessment date:
Terms Used In West Virginia Code 11-3-15
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Agriculture: means the cultivation of the soil, including the planting and harvesting of crops and the breeding and management of livestock. See West Virginia Code 11-5-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- oath: shall be deemed to include an affirmation and the word "swear" or "sworn" to be complied with if the person referred to make solemn affirmation. See West Virginia Code 2-2-7
- Oath: A promise to tell the truth.
- Person: means every natural person, association or corporation. See West Virginia Code 11-22-1
- Personal property: All property that is not real property.
- personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- tax districts: shall mean the magisterial districts of that county as they existed on July 1, 1973. See West Virginia Code 11-3-1a
- Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1
(1) The amount, the true and actual value and classification of all tangible personal property used in connection with the trade or business, other than that regularly kept for sale therein, including chattels real and personal;
(2) The true and actual value and classification of all goods and property kept for sale and remaining unsold; and
(3) The location, quantity, the true and actual value and classification of all real estate owned by the individual or firm and used in the trade or business.
(b) The assessor shall, upon the receipt of such report, properly verified, if the assessor is satisfied with the correctness thereof, enter the real estate in the land book of the county in the tax district wherein the same is situated and assess the same with taxes, if not otherwise assessed, to the owner thereof: Provided, That the personal property mentioned in the report shall be entered in the personal property book of the county for assessment with taxes as follows: Items (1) and (2) shall be entered in the tax districts where they are for the greater part of the year kept or located; and item (3) shall be entered under its appropriate heading in the municipality or tax district wherein the property is located.
(c) If the assessor is not satisfied with the correctness of the report, the assessor may proceed to ascertain a correct list of the property on which the individual or firm is liable to be assessed with taxes, and to value the same as in other cases.
(d) The person making the report shall take and subscribe an oath in substantially the following form:
I, ………………, do solemnly swear (or affirm) that the foregoing list is true and correct to the best of my knowledge; that the value affixed to the property therein listed I believe to be the true and actual value thereof; that none of the assets belonging to (here state the name of individual or firm) and used in the business of (here describe the business) have to my knowledge, since the assessment date, been converted into nontaxable securities for the purpose of evading the assessment of taxes thereon; so help me, God.
The officer administering the oath shall append thereto the following certificate:
Subscribed and sworn to before me by (here insert affiant's name) this ……….. day of ………………., 20 ……