42.21.159    PROPERTY AUDITS AND REVIEWS

(1) The department may conduct audits and reviews of commercial property. These audits and reviews will be performed in order to implement 15-8-104, MCA.

(2) For purposes of audits and reviews, the department may utilize information supplied by the Secretary of State, Department of Livestock, Department of Revenue, Department of Agriculture, Department of Commerce, Federal Farm Services Agency, Federal Natural Resource Conservation Service, department developed models or comparative studies, and local government entities to determine the taxable value of the property subject to taxation.

(3) The purpose of property audits and reviews is to ensure that property owners are returning correct and accurate cost data on property returns, and that all taxable property has been reported for assessment purposes.

(4) The department will seek access to the following records for purposes of conducting the audits and reviews, pursuant to 15-8-304, MCA:

(a) personal property returns on file in the department's field offices;

(b) income statements, receipts of purchase, asset listings, asset registers, asset ledgers, purchase rental program agreements, and any information in the possession of the property owner or lessee which would reflect capital asset investment costs;

(c) any depreciation schedules, age/life programs, asset life schedules, or capital asset investment recovery records in the possession of the commercial personal property taxpayer or his representative; and

(d) any other information in the possession of the department and/or property owner or lessee which is necessary in order to conduct a thorough audit or review.

History: 15-1-201, MCA; IMP, 15-8-104, MCA; NEW, 1986 MAR p. 2067, Eff. 12/27/86; AMD, 1994 MAR p. 3195, Eff. 12/23/94; AMD, 1995 MAR p. 489, Eff. 3/31/95; AMD, 1999 MAR p. 2909, Eff. 12/17/99; AMD, 2000 MAR p. 3563, Eff. 12/22/00; AMD, 2006 MAR p. 3108, Eff. 12/22/06; AMD, 2009 MAR p. 2497, Eff. 12/25/09.