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1. What is the difference between tax listing date and tax lien date?
Listing Date – Is as of the close of business on Dec. 31 or a fiscal year-end of the preceding year. Your tangible personal property values, except inventory, will be reported in your return as of this date.
Lien Date – The annual date for determining the taxability of tangible personal property is the beginning of the first day of January of each year. Any form of business entity owning or controlling taxable tangible personal property on a given tax lien date is considered to be a taxpayer.
2. Are there any special requirements for using a fiscal year-end?
If a taxpayer is using a fiscal year-end for federal tax purposes, it must be used for tangible personal property tax reporting. If the taxpayer would happen to not have been in business for a full 12 months immediately preceding the fiscal year-end, property must be listed using a calendar year-end (Dec. 31).
