About property assessments
All personal property must be valued at 100 percent of its real market value unless otherwise exempt (ORS 307.020). Personal property is taxable in the county where it's located as of January 1 at 1 a.m.
Personal property is either tangible or intangible. Intangible personal property is not taxable, and tangible personal property may or may not be taxable. Examples of non-taxable personal properties:
- Inventories that are held for sale in the ordinary course of business.
- Household goods, furniture, clothing, tools, and equipment exclusively for personal use in your home.
- Farm machinery and equipment (ORS 307.394).
Taxable property includes machinery, equipment, furniture, etc., used previously or presently in a business. Each individual, partnership, firm, or corporation that has taxable personal property must file a return by March 15. The return must contain a full listing of all assets, date of acquisition, cost, and a statement of real market value. This listing must include items that have fully been depreciated, in storage, or expensed. It's the taxpayer's responsibility to obtain a copy of the return and file. The information on the return is a confidential records in the office in which it's filed. The return assists the assessor in determining the value of the property.
If the assessed value of your taxable property is less than the calculated cancellation threshold, the assessor may cancel the tax assessment for that year, but you must still file a return each year.
All returns that are filed late receive a penalty. The penalty is a percentage of the taxes and is 5 percent, 25 percent, or 50 percent depending on how late the return is filed.
You'll receive a tax statement after October 25 showing the value of the personal property, the amount of tax due, and any late filing penalty.
You have the right to appeal if you feel the county assessor has estimated the value of your taxable property incorrectly. The appeal is to the county Board of Tax Appeals and must be submitted by December 31. You do not need to be present to have your complaint heard.
For more information, contact the county assessor in the county where the property is located.