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| Business-related personal property may be taxed | ||
| 12/03/2007 | ||
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SALEM—The Oregon Department of Revenue reminds business owners that personal property used in their businesses may be subject to property taxation. Oregon law requires that all business owners—even owners of home-based businesses—file a return with their county assessor. The return must show all business-related personal property, along with equipment purchases, and lease dates and lease amounts. County assessors mail personal property return forms to business owners each December. Returns are due to the assessor by March 3. Personal property is included as part of the business owner’s property tax statement. The tax is due each November 15. Personal property may include office furniture, personal computers, easily moved machinery, and even off-road vehicles and display cases if they are used in the business. It also includes leased equipment such as copiers and power washers. The county assessor calculates the tax due each year based on the business owner’s personal property return. The assessor may cancel the tax if total personal property is valued under $14,000. “Even if a business owner’s personal property value falls below $14,000, they are still required to file a return,” said Syndi Gates, a department tax analyst. Gates said that an assessor will calculate the tax on that property for up to the previous five years if a business has not reported personal property. The assessor will also include penalty and interest. Business owners must file a return each year even if: • they didn’t receive a tax return form from the county in which their property is located; • the tax was cancelled in prior years; • the business owner sold or closed the business during the year; or • the business owner sold or disposed of the personal property. “If a business owner files late,” Gates said, “there is a penalty that varies from 5 percent to 50 percent of the taxes due, depending how late the return is filed.” For more information, including forms and a complete list of items considered taxable personal property, visit www.oregon.gov/DOR/PTD/ValFact.shtml. You may also contact your county assessor’s office or call the Oregon Department of Revenue, 503-378-4988 (Salem or out of state); or toll-free from an Oregon prefix, 1-800-356-4222 (Spanish and English). Salem-area Spanish speakers may call 503-945-8618. For TTY (hearing or speech impaired), call 1-800-886-7204; Salem, 503-945-8617. |
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