707 PERSONAL PROPERTY TAX EXEMPTION

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

707.2 In 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.

707.3 The 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.

707.4 The 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).