Q: What are Oregon personal property taxes, and does my small business have to pay this?
A: If a business is operating in the State of Oregon they must file a personal property tax form each year by March 15th. There are no extensions to the filing date. Forms are available at http://www.oregon.gov/DOR/forms/FormsPubs/form-or-cppr_553-004_2017.pdf. Any questions about valuation of business personal property can be addressed by contacting the county assessor in the county the property is located. Failure to complete a personal property tax return may result in penalties being charged.
According to the Oregon Department of Revenue, “Oregon law requires all personal property be valued at 100 percent of its real market value unless exempt by statutes. Personal property is taxable in the county where it is located and has more or less come to rest as of the assessment date, January 1st at 1 a.m. Oregon Revised Statute 307.020 defines both personal and intangible personal property. Intangible personal property is not taxable. Inventories are items of tangible personal property, which are held for sale in the ordinary course of business and are exempt from taxation. Household goods, furniture, clothing, tools, and equipment exclusively for personal use in your home are also exempt from taxation.
Each individual, partnership, firm, or corporation that has taxable personal property must file a return by March 15. The return filed with the appropriate authority must contain a full listing of all assets, date of acquisition, cost, and a statement of real market value. This listing must include items that have been fully depreciated, are in storage, or have been expensed. It is the responsibility of the taxpayer to obtain a copy of the return and make the filing. If the assessed value of your taxable property is less than $16,500, the assessor may cancel the tax assessment for that year. You must file a return each year regardless and make your declaration.”
Additional information about personal property taxes can be found at http://www.oregon.gov/DOR/programs/property/Pages/personal-property.aspx. Contact the local county assessor for additional assistance. Office hours can be found on the county website. Your business tax accountant may also have information you need to complete your personal property tax return.
The SBDC is a partnership of the U.S. Small Business Administration, the Oregon Small Business Development Center Network, the Oregon Business Development Department and Southwestern Oregon Community College. Arlene M. Soto has been the Director of the Southwestern Small Business Development Center since July 2007. To ask a question call 541-888-7001, e-mail firstname.lastname@example.org, or write 1988 Newmark Ave., Coos Bay, OR 97420. Additional help is available at the OSBDCN Web page www.bizcenter.org.