Section 9-707. PERSONAL PROPERTY TAX EXEMPTION

 

707.1The responsibility for establishing the right to exemption from the personal property tax shall rest upon the semipublic institution claiming the exemption.

 

707.2In order to establish a personal property tax exemption, the semipublic institution shall file an application with the Office showing the following:

 

(a) The character of the organization;

 

(b) The purpose for which it was organized;

 

(c) The actual activities of the organization;

 

(d) The sources of income of the organization;

 

(e) Whether any of the income of the organization is credited to surplus or may inure to the benefit of any private shareholder or individual; and

 

(f) All facts relating to its operation which affect its right to exemption.

 

707.3The following documents shall be attached to the application for a personal property exemption:

 

(a) A copy of the charter or articles of incorporation;

 

(b) A copy of the by-laws of the organization;

 

(c) The latest financial statement showing the assets, liabilities, receipts, and disbursements of the organization; and

 

(d) A copy of the ruling on its exemption status for federal income tax purposes from the Internal Revenue Service.

 

707.4The effective date for a personal property tax exemption granted shall be the July 1st following the date of the initial application request."

 

source

Final Rulemaking published at 35 DCR 6014, 6020 (August 5, 1988).