State Codes and Statutes

Statutes > West-virginia > 11 > 11-3-15

§11-3-15. Assessment of capital used in trade or business by natural persons.
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 such trade or business, except the business of agriculture, carried on in any county of the state, shall, annually, between the first day of the assessment year and the first day of November of the current year, make a written report as of the first day of the assessment year, to the assessor, verified by his affidavit, showing the following matters and things, viz: (a) The amount, the true and actual value and classification of all tangible personal property used in connection with such trade or business, otherwise than such as is regularly kept for sale therein, including chattels real; (b) the true and actual value and classification of all goods and property kept for sale and remaining unsold; (c) the amount in value of all credits arising out of any such business and remaining unpaid on that date, whether due or not, and whether in or out of the state; (d) the amount and true and actual value of all notes, bonds, bills, accounts receivable, stocks and other intangible property made by such person or firm whether in or out of the state, other than those hereinbefore specified; (e) the location, quantity, the true and actual value and classification of all real estate owned by such individuals or firm and used in such trade or business. The assessor shall, upon the receipt of such report, properly verified, if he is satisfied with the correctness thereof, enter the real estate in the landbook 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; the personal property mentioned in such report he shall enter in the personal property book of his county for assessment with taxes as follows, viz: Items (a) and (b) shall be entered in the tax districts where they are for the greater part of the year kept or located; and items (c), (d) and (e) shall be entered under their appropriate headings, in the municipality or tax district wherein the principal place of business of such individual or firm is; and if the assessor is not satisfied with the correctness of such report, he may proceed to ascertain a correct list of the property on which such individual or firm is liable to be assessed with taxes, and to value the same as in other cases. The person making such 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 first day of the assessment year, been converted into nontaxable securities for the purpose of evading the assessment of taxes thereon; so help me, God.

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The officer administering said oath shall append thereto the following certificate, viz:

Subscribed and sworn to before me by (here insert affiant's name) this ________ day of ______________, 19____.

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