In accordance with provisions of WV Code §§ 11-3-2, 11-3-12, and 11-3-15; all persons owning or controlling real or personal property subject to property taxation are required to render a property tax return to the Assessor. Among other items, this requirement includes the reporting of aircraft. In this regard, owners of aircraft are to verify the make, model, model number, year, registration tail number and the acquisition cost of such craft. If you are a business owner, this information should be reported under Schedule E of the business property return.
In addition, West Virginia Code §11-6H-1 et seq. provides that the value of special aircraft property shall be its salvage value. Special aircraft property is defined to be “…all aircraft owned or leased by commercial airlines or private carriers.” Private carrier means “… any firm, partnership, joint venture, joint stock company, any public or private corporation, cooperative, trust, business trust or any other group or combination acting as a unit that is engaged in a primary business other than commercial air transportation that operates an aircraft for the transportation of employees or others for business purposes.”. If you have reported aircraft on Schedule E which you believe to be special aircraft property, enter the dollar value of the aircraft at 100 percent of acquisition cost.