| (A) "Personal property" includes every tangible thing that
is | 10 |
|
the subject of ownership, whether animate or inanimate,
including | 11 |
|
a business fixture, and that does not constitute real
property as | 12 |
|
defined in section 5701.02 of the Revised Code.
"Personal | 13 |
|
property" also includes every share, portion, right, or
interest, | 14 |
|
either legal or equitable, in and to every ship,
vessel, or boat, | 15 |
|
used or designed to be used in business either
exclusively or | 16 |
|
partially in navigating any of the waters within
or bordering on | 17 |
|
this state, whether such ship, vessel, or boat is
within the | 18 |
|
jurisdiction of this state or elsewhere. "Personal
property" does | 19 |
|
not include money as defined in section 5701.04 of
the Revised | 20 |
|
Code, motor vehicles registered by the owner thereof,
electricity, | 21 |
|
or, for purposes of any tax levied on personal property,
patterns, | 22 |
|
jigs, dies, or drawings that are held for use and not
for sale in | 23 |
|
the ordinary course of business, except to the extent
that the | 24 |
|
value of the electricity, patterns, jigs, dies, or
drawings is | 25 |
|
included in the valuation of inventory produced for sale. | 26 |
| (B) "Business fixture" means an item of tangible personal | 27 |
|
property that has become permanently attached or affixed to the | 28 |
|
land or to a building, structure, or improvement, and that | 29 |
|
primarily benefits the business conducted by the occupant on the | 30 |
|
premises and not the realty. "Business fixture" includes, but is | 31 |
|
not limited to, machinery, equipment, signs, cart paths, storage | 32 |
|
bins and
tanks, whether above or below ground, and broadcasting, | 33 |
|
transportation, irrigation, transmission, and distribution | 34 |
|
systems, whether
above or below ground; and structures affixed to | 35 |
|
or constructed over land that consist of soil and other natural | 36 |
|
materials requiring regular maintenance, that primarily benefit | 37 |
|
the business conducted on the premises, and that are depreciable | 38 |
|
under 26 U.S.C. 167. "Business fixture" also means those
portions | 39 |
|
of buildings, structures, and improvements that are
specially | 40 |
|
designed, constructed, and used for the business
conducted in the | 41 |
|
building, structure, or improvement, including,
but not limited | 42 |
|
to, foundations and supports for machinery and
equipment. | 43 |
|
"Business fixture" does not include fixtures that are
common to | 44 |
|
buildings, including, but not limited to, heating,
ventilation, | 45 |
|
and air conditioning systems primarily used to
control the | 46 |
|
environment for people or animals, tanks, towers, and
lines for | 47 |
|
potable water or water for fire control, electrical and | 48 |
|
communication lines, and other fixtures that primarily benefit
the | 49 |
|
realty and not the business conducted by the occupant on the | 50 |
|
premises. | 51 |
| Sec. 5713.031. For purposes of section 5713.03 of the | 52 |
|
Revised Code, when determining the true value in money of a golf | 53 |
|
course property that has not been the subject of a recent arm's | 54 |
|
length sale and for which appraisal as a golf course use is | 55 |
|
justified as either the highest and best use or as a special | 56 |
|
purpose use, the county auditor shall determine the true value | 57 |
|
pursuant to division (A) or (B) of this section. | 58 |
| (A) For golf courses that operate primarily on a for-profit, | 59 |
|
daily-fee basis, the true value in money shall be determined using | 60 |
|
the income approach as described in the uniform rules and methods | 61 |
|
of valuing and assessing real property as adopted, prescribed, and | 62 |
|
promulgated by the tax commissioner. The value of all tangible and | 63 |
|
intangible personal property that contributes to the net operating | 64 |
|
income used in the income approach shall be deducted from the | 65 |
|
resulting valuation in order to determine the true value in money | 66 |
|
of the taxable property only. The capitalization rate used shall | 67 |
|
reflect all anticipated risks of the golf course operation, | 68 |
|
including weather-related risks and competition from golf courses | 69 |
|
that are exempted from taxation. The county auditor of a county in | 70 |
|
which a golf course is located may request the owner of the golf | 71 |
|
course to provide income and expense data on a form prescribed by | 72 |
|
the tax commissioner. No document containing data provided | 73 |
|
pursuant to this division shall be deemed a public document or | 74 |
|
record, but shall be a confidential document for use only in | 75 |
|
assessing the taxable property and shall not be subject to | 76 |
|
inspection or copying as public records pursuant to section 149.43 | 77 |
|
of the Revised Code. If an owner declines within thirty days of | 78 |
|
such request to provide this data and the auditor is thereafter | 79 |
|
unable to determine the true value in money of the taxable | 80 |
|
property using the income approach, the property shall be valued | 81 |
|
in accordance with division (B) of this section. | 82 |