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Businesses must report personal property by March 1

February 20, 2010

Oregon Department of Revenue,

SALEM—From anvils to zeppelins, the personal property you use in your business may be taxed.  If you’re a business owner, the time to file your personal property return is March 1, according to the Oregon Department of Revenue.  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 you use 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 $15,000.

However, even if your business’ personal property value falls below $15,000, you still must file a return, according to Michele Pedersen, 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 business 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,” Pedersen 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.

Information, forms, and a list of items considered taxable personal property.

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. Customer service representatives are busy during tax season, so you may experience extended wait times.

  
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