Salem, Ore. – The deadline for business owners to submit their personal property tax return is quickly approaching. Returns must be submitted or postmarked by March 15, 2016. Starting this year, extensions are no longer available.
Business owners must file a return each year, even if:
* They meet the cancellation threshold.
* They didn’t receive a tax return from the county.
* The assessor previously canceled their tax.
* They sold or closed their business during the year.
* They sold or disposed of their personal property.
Returns must include a detailed list of all business-related personal property, with equipment purchase or lease dates, and original costs. Personal property includes:
* Office furniture, personal computers, and easily moved machinery.
* Display cases and shelving.
* Leased equipment, including copiers and power washers.
The county assessor calculates the tax due each year based on the personal property return, and the tax due is included on your annual property tax statement. Property tax payments are due November 15, 2016.
If a business owner doesn’t file, penalties vary from 5 percent to 50 percent of the taxes due, depending on when the return is filed.
Return forms are available at www.oregon.gov/dor/forms or through any county assessor’s office.
Visit www.oregon.gov/dor to get tax forms, check the status of your refund, or make tax payments; or call 1 (800) 356-4222 toll-free from an Oregon prefix (English or Spanish); (503) 378-4988 in Salem and outside Oregon; or email, questions.dor@oregon.gov. For TTY (hearing or speech impaired), call 1 (800) 886-7204. The department receives a lot of phone calls during tax season so you may experience long wait times.
