Personal Property Tax Returns are due no later than March 1, 2012 for all personal (non-real estate) property used in your trade or business as of January 1, 2012. Exemptions include software, inventory, farm use, and licensed vehicles. Each individual, partnership, firm, or corporation that has taxable personal property must file a return, even though a tax may not be assessed if the property value is less than $15,000. More information can be found on the Internet at http://www.Oregon.gov/DOR/PTD/valfact.shtml.
If you received a preprinted form from the county, review the equipment list. Then indicate disposed items and how they were disposed. Add items purchased in 2011. If you did not receive an equipment list from the county, review the equipment list attached to last year’s Personal Property Tax Return or review your depreciation schedule. You can call our office to request a copy of last year’s depreciation schedule.
The return must list details of any equipment you are leasing or renting as of January 1, 2012, as well as an estimate of non-inventory supplies on hand, such as office supplies, maintenance supplies, spare parts and other miscellaneous supplies. Entities that generally have significant quantities of hand tools are required to estimate the value of those tools on hand as of January 1, 2012.
Give us a call if you would like assistance in preparing your personal property tax return.