Tips for Reporting and Record Keeping for Industrial Property Tax Assessments
|Preventing costly assessment errors benefits everyone. Accurate reporting and record keeping helps prevent assessment errors. Please use the following tips to help ensure accuracy of your Industrial Property Return (IPR). |
We rely on accurate, informative, and complete information from industry to determine assessed values for property taxes. Reporting and record keeping errors can lead to unnecessary assessment errors and roll corrections, which can be costly for both industry and government.
The following hints will help ensure the accuracy of our assessments:
REMEMBER: File your Industrial Property Return. We need this information to retire value, and we can't apply any further depreciation to your assets if you have not filed your IPR.
- Read the Industrial Property Return (IPR) instructions before filing your report.
- Properly categorize your personal and real property including your non-inventory supplies. See the IPR instructions for details.
- If you have multiple tax lots, assign the additions and deletions to the correct account.
- Provide an asset number for each asset and each entry of additions and retirements. This is important to help us properly track the asset value until it is retired.
- Provide a clear detailed description of all costs for additions and retirements. Separately identify costs that do not add value (such as demolition costs, etc.).
- Identify rebuilds, remodels, upgrades, major maintenance costs, etc. These items may not be valued at their full cost if we can identify them.
- Carefully track your asset retirements to avoid over-assessments.
- Identify non-assessable assets and costs (such as software, etc.) if you do report them.
- If you buy out a lease, report the asset's original cost, the original date of acquisition, and the buy-out price and date.
- Identify leased assets and provide the information for them as requested on the IPR.
- Identify any assets that were purchased used.
- Report all actual original costs including indirect costs (such as overhead or engineering).
- If the reported asset is a replacement, retire all costs associated with the asset it is replacing.
- Identify and report equipment moved on or off site by intracompany transfer and equipment on loan.
- Please inform us of any other information which may affect your value. Submit this information with your IPR. Tell us if you go out of business, move to another location, or sell the property.
- Avoid giving us large aggregate numbers with no detail (i.e., project totals).
- When reporting costs, don't just report your book costs or your projected costs; we need the actual original cost as well as all assessable indirect costs and the year that the costs were incurred.
- Non-inventory supplies should not be reported as asset additions. See personal property non-inventory supplies instructions on the IPR form.
- If an asset is not on site as of the assessment date, don't report any costs for that item (such as pre-payments). If you own assets in another location in Oregon, you may have to report them at that location.
- Be careful not to report the same asset twice.
- Do not report the cost of your land or licensed vehicles.
- Be sure to submit a complete personal property list; don't write "no change" or "same as last year."
Thanks for your cooperation!