Instructions: Wisconsin Municipal Statement of
The term "personal property" as defined in sec. 70.04, Wis. Stats., includes all goods, wares, merchandise, chattels, and effects, of any nature or description, having any real marketable value, and not included in the term "real property." Composite Conversion Factors and a table of Composite Useful Lives on various equipment can be found at the link below. Conversion factors for computer equipment can be found on Schedule D-1. For assistance in completing this form, you may contact your municipal assessor."
Avoiding Double Assessments
Businesses classified as Manufacturers under sec. 70.995, Wis. Stats.: Personal Property classified as Manufacturing and assessed by the Department of Revenue should be submitted to the Department annually by March 1 on form PA-750 P, which can be found on the DOR website at the link below, as a paper form as well as an E-Filing option. To avoid being assessed by both the DOR and your local assessor, please do not file Personal Property classified as Manufacturing on form PA-003.
Telco Companies: Personal Property submitted to the Department of Revenue annually by March 1 under sec. 76.83, Wis. Stats. as Telco Personal Property should be filed on form PA-751 T-P, which can be found on the DOR website at the link below. To avoid double assessments, Telco Personal Property should not be additionally submitted to the local assessor on form PA-003.
Statement of Personal Property PA-003 Instructions
Section 70.35 of Wisconsin Statutes requires every person, firm or corporation owning business personal property to submit a statement of such personal property and its value to the City Assessor annually on or before March 1st. All real property and business personal property is assessable in the State of Wisconsin unless specifically exempted by state law. (s. 70.11, Stats.)
First Year Filers: Prior to filling out the form, it may be helpful to make a list for your own records of all your business personal property noting the year acquired and cost/value for each item. Assets fully depreciated and written off for income tax purposes must still be reported. The Personal Property Statement is a reporting of all assets regardless of age. Group items by the categories outlined in the Schedules. You can then use this list as a reference in subsequent years for your additions and disposals. Keep a copy of the Statement you file as it will help you prepare the next year’s Statement. The amounts reported should remain the same for each corresponding Acquisition Year aside from additions and/or disposals.
Step 1. Complete Property Owner and Property Information Section. Please note the business name and mailing address in the blank box immediately above this section. The FEIN is your Federal Employer ID number. The NAICS code can be found online at http://www.census.gov/eos/www/naics/ If your business was discontinued, moved or sold, please fill in this section completely with new owner information if applicable.
Step 2. Complete Schedules B thru H that are applicable to your business.
Schedule B is for reporting boats and watercraft not exempt.
Schedules C, D, D1*, D2:
- In Column 2, enter the total cost of the new and used items you purchased/acquired on the line that corresponds to the year the items were obtained.
- Column 3 is used to account for any additions, deletions or transfers of assets. If you dispose of or transfer an item, use column 3 to deduct the original cost of that item on the line from the year it was acquired. If you transfer an item from a different location to the current location, report this in column 3 as an addition at its cost on the line for the year it was originally purchased/acquired.
- Column 4 is used to reflect the net original cost reflecting any additions or disposals. If there were no additions or disposals during a given year, column 2 and column 4 will be the same.
- Multiply Column 5 by Column 4 and enter this amount in Column 6. This is the assessable amount.
- Enter the Total of the entries in column 6 for each Schedule on the last line of column 6.
Schedule E is only for businesses with buildings on leased land.
Schedule F should include all items that are leased. Use Column 6 for taxable leased items and Column 7 for exempt computer values. In most cases, the lessor (owner of the property) is responsible for filing the personal property form, however, reporting is required and the schedule is utilized by our office for auditing purposes.
Schedule G includes items which are not subject to resale by the taxpayer but are necessary to conduct business. Most businesses have expendable goods for operations such as office supplies, janitorial, shipping, paper products, medical/dental, barber/beauty shop supplies, etc. Enter the typical monthly expense or divide the yearly expense by 12.
Schedule H. Signs are reported in this schedule. Leasehold improvements are alterations, additions or improvements made by a tenant to a leased premises. Enter Acquisition Year in Column 1, the asset description in Column 2, and cost in Column 3. Conversion factors can be found online: https://www.revenue.wi.gov/DORReports/ccfact.pdf
Step 3. Complete Schedule A. This is the summary of the totals from the other schedules and should be completed last. There is a notation at the end of each schedule with instruction on where to enter the Total in Schedule A.
*See https://www.revenue.wi.gov/pubs/slf/compexgd.pdf for computer exemption guidelines. Exempt computer equipment is not assessable, however, is to be reported in Schedule D1.
PROTECT YOUR RIGHTS. FILE FORM PA-003 BY MARCH 1ST ANNUALLY. IF YOU DO NOT FILE, A DOOMAGE ASSESSMENT WILL BE ESTIMATED BASED UPON THE BEST INFORMATION AVAILABLE AND IS SUBJECT TO AN INCREASE EVERY YEAR NOT FILED.
FAILURE TO FILE ALSO RESULTS IN THE ASSESSMENT AND TAX OF ALL COMPUTER EQUIPMENT OR A PENALTY (s.70.36, Stats.)