Who files a personal property tax return?
- Each individual, partnership, firm, or corporation that has taxable personal property must file a return by March 1 of each year.
- If you were assessed the previous year, the county assessor, prior to January 1 will mail a Confidential Personal Property Tax Return form to you. You must report property you own or had in your possession as of January 1 at 1 AM. If you do not receive a form from the assessor, you are still obligated to obtain and file a personal property tax return. There is a penalty for late filing. If you need help completing the form, contact your county assessor's office at 503-655-8671 extension 7612 or 4223.
- If you sell your business, notify the county assessor to avoid future liability on the personal property.
What personal property is not taxable?
These items are exempt from property tax:
- Intangible personal property. Money at interest, bonds, notes, shares of stock, business records, computer software, surveys and designs, and the materials on which the data are recorded (paper, tape, film, etc.) (ORS 307.020).
- All items held exclusively for personal use. Household goods, furniture, clothing, tools, and equipment used exclusively for personal use in and around your home (ORS 307.190).
- Farm animals. Livestock, poultry, fur-bearing animals, and bees (ORS 307.394).
- Inventories. Items of tangible personal property which are or will be sold in the ordinary course of business (materials, containers, goods in process, and finished goods) (ORS 307.400).
- Farm machinery and equipment (ORS 307.394).
- Licensed vehicles other than fixed load/mobile equipment (ORS 801.285).
What if I file late?
- The penalty is 5% of the tax owed if the return is filed after March 1st, but on or before June 1st. The penalty increases to 25% of the tax owed if the return is filed after June 1st, but on or before August 1st. After August 1st, the penalty is 50% of the tax owed (ORS 308.296).
What happens after the return is filed with the county assessor?
- Your return will assist in the valuation of your personal property. In some cases an appraiser may inspect your property. Your return will remain a confidential record at all times. After October 25th, you will receive a tax statement showing the value of your personal property and the amount of tax due.
If you have questions, you can contact our office at 503-655-8671 and ask for assistance with Business Personal Property.
Or download an Information Circular from the State about Business Personal Property Tax.
Please download a Personal Property Return from the State.
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