Control Records

(1) An appropriate personal property control record (such as a control card) shall exist and be maintained for each personal property account. (2) Upon discovery of a new business, a control record shall be created for that business. (3) When a business ceases to exist, the control record for that business shall be removed from the active file and placed in an inactive file. (4) As a minimum, the control record for each account shall provide for the following: (a) Business name; (b) Property location; (c) Mailing address; (d) Type of business; (e) Property identifier, to be linked to the property identifier of the real property where the personal property is located, when such can be determined; (f) Tax year; (g) Dates the schedule was furnished, returned, and desk audited; (h) Date of any field audit; (i) Assessment ratio (30% for commercial and industrial tangible personal property); ASSESSMENT OF COMMERCIAL AND INDUSTRIAL CHAPTER 0600-05 TANGIBLE PERSONAL PROPERTY (j) Assessment; (k) Type of assessment (such as R = regular, F = forced, A = adjusted).