Business Personal Property
Personal property is, by Oregon law, taxable in the county in which it is located as of January 1. Each individual, partnership, firm, or corporation that has taxable personal property must file a personal property return with the County where the property is located by March 15.
Taxable Personal Property
Taxable personal property includes machinery, equipment, furniture, etc. used by a business, including any property not currently used, placed in storage, or held for sale.
Tax Exempt Personal Property
All personal property, unless specifically exempted by statutes, is assessable. Examples of exempt personal property include: intangible personal property (software, business records, surveys & designs, etc.), items held exclusively for personal use, farm animals, farm machinery and equipment, licensed vehicles other than fixed load equipment, and inventories.
If the return is filed after March 15th, there is a graduated late filing penalty. If the return is postmarked or received on or before June 1, a penalty of 5% of the tax is charged. If it is postmarked or received after June 1, but on or before August 1, the penalty is 25% of the tax. After August 1, the late filing penalty is 50% of the tax.
Property tax statements are mailed to taxpayers in late October. Taxes can be paid in three installments due November 15, February 15, and May 15. The taxes must be paid by the due dates shown to avoid interest charges. A 3% discount will be applied if the tax bill is paid in full by November 15. A 2% discount will be applied if 2/3 of the bill is paid by November 15.
If a taxpayer feels the County has incorrectly assessed their property, an appeal may be filed with the Board of Property Tax Appeals (BOPTA). The filing deadline for BOPTA appeals is December 31.
Important Notice When Buying a Business
Delinquent taxes become a lien on the personal property of a business. If you are buying a business, it is important that you contact the Polk County Tax Office at (503) 623-9264 to insure there are not any outstanding taxes due on the equipment you are buying.
Anyone buying or starting a business should notify the County Assessor. This will allow an account to be established and a personal property return can be sent out the following year. If the taxpayer does not receive a return, they should contact the Assessor to request one.
Please consult these resources for taxpayer assistance:
- Polk County Assessor’s Office: (503) 623-8391
- Oregon Department of Revenue: (503) 378-4988; Toll Free: 1-800-356-4222