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| From anvils to zeppelins, business-related personal property must be reported by March 3 | ||
| 02/07/2008 | ||
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SALEM—The Oregon Department of Revenue reminds business owners that the deadline for filing personal property returns is March 3. Oregon law requires that all business owners—even owners of home-based businesses—file a return with their county assessor that lists all business-related personal property. Personal property includes anything that is used for business purposes. It also includes leased equipment such as copiers. 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. However, even if a business owner’s personal property value falls below $14,000, they still must file a return, according to Syndi Gates, a department tax analyst. If you’re a business owner, you must file a return each year even if: • you didn’t receive a tax return form from the county in which your property is located; • the tax was cancelled in prior years; • you sold or closed the business during the year; or • you 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 on how late the return is filed.” Personal property is included as part of the business owner’s property tax statement. The tax is due each November 15. You can get forms and a complete list of items considered taxable personal property at the Department of Revenue. You may also contact your county assessor’s office or call the Oregon Department of Revenue, 503-378-4988 (Salem or outside Oregon), or toll-free from an Oregon prefix, 1-800-356-4222. For TTY (hearing or speech impaired), call 1-800-886-7204; Salem, 503-945-8617. |
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