Personal Property Tax

County Bulletin

TO: ALL COUNTY AUDITORS BULLETIN NO. 229

DATE: August 12, 1970

FROM: G. W. Porterfield, Tax Commissioner

RE: Personal property tax returns of coin and stamp dealers

Those individuals or organizations engaged in the business of buying and selling coins and related merchandise, and/or stamps and related merchandise, are subject to the Ohio personal property tax on the inventory, furniture and fixtures, and any other taxable property used in the business.

For Ohio tax purposes coins and paper money representing the stock in trade of a coin dealer constitute tangible personal property, the value of which is the market value and not the face value of such money, Losana Corporation v. Porterfield, 14 Ohio St 2d 42. Therefore, in the 1971 and subsequent personal property tax returns filed by coin dealers, coins, paper money and other inventory items are to be listed in Schedule 3A of the return, on the average monthly book value basis.

Likewise, the stamps and other inventory items representing the stock in trade of a stamp dealer are to be listed in Schedule 3A of the return, on the average monthly book value basis.