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Ohio Administrative Code (Last Updated: January 12, 2021) |
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5703 Department of Taxation |
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Chapter5703-3. Property Tax |
5703-3-31. Personal property tax valuation of completed goods owned by the manufacturer-lessor and held for lease or on lease to others
Latest version.
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As a result of the Ohio supreme court decision in "Boothe Financial Corp. v. Lindley," 6 Ohio St. 3d 247 (1983), for purposes of preparing and filing Ohio personal property tax returns, the prima facie true value of completed goods owned by the manufacturer-lessor and held for lease or on lease to others shall be the price at which the property would be sold outright to the lessee prior to the commencement of lease payments, less the appropriate annual true value allowance.