Deadline to file a personal property tax return for businesses is March 15

Deadline to file a personal property tax return for businesses is March 15

Personal property tax returns for businesses are due by March 15. No filing extensions will be granted.

Each individual, partnership, firm or corporation that has tangible personal property is required by Oregon law to file a personal property tax return by March 15 each year. There are no extensions available due to an amendment to ORS 308.290 made by the Legislature via House Bill 2484, which is effective beginning with the 2016 tax year.

The return must contain a full listing of all assets, date of acquisition, cost and a statement of value. This information is kept confidential. If the assessed value of your property totals less than $16,500 the taxes will be cancelled.

Personal property tax experts will be available to assist taxpayers on Wednesday, March 1, from 10:00 a.m. to 3:00 p.m. (Assessment and Taxation Office, 125 E. 8th Avenue, Eugene). The service is free and offered on a drop-in basis. 
 
Tax return forms are available online at http://www.oregon.gov/DOR/forms/Pages/default.aspx. Returns filed after March 15 through June 1, 2017 are subject to a 5 percent late filing penalty. Returns filed June 2, 2016 through August 1, 2017 are subject to a 25 percent late filing penalty. Returns filed after August 1, 2017 or not at all are subject to a 50 percent late filing penalty.

In addition, as of January 1, 2016, the Legislature requires a seller of business personal property to provide a buyer with a disclosure notice that includes whether any property taxes are outstanding (known as Bona Fide Purchaser). Potential buyers must search both the County’s lien records and the Secretary of State’s Uniform Commercial Code records. Buyers become liable for any outstanding taxes.

Additional information may be found on the Oregon Department of Revenue’s website at http://www.oregon.gov/DOR/programs/businesses/Pages/default.aspx

Questions should be directed to the Lane County Assessment and Taxation Office at 541-682-4321 from 10:00 a.m. to 3:00 p.m., Monday through Thursday.