Who is required to file a Business Personal Property Rendition (Form 901)?
All businesses, corporations, partnerships and professionals are required to file a statement of assets as of January 1st each year. All concerned must file even if an exempt status is claimed.
How does a taxpayer file a Business Personal Property Rendition?
The taxpayer completes Form 901 listing the original cost of the assets of the business concern. Assets include furniture and fixtures, machinery and equipment and a schedule of monthly inventories for the past year. Questions are also asked about merchandise on consignment, leasehold improvements and personal property owned elsewhere in Oklahoma. An owner, partner, officer of the corporation or a bona fide agent must prepare this form. The form must be returned to our office by March 15th each year.
What if the business has closed or gone out of business?
If a business has sold or closed, please indicate on the Business Personal Property Rendition (Form 901) and return to our office. This information will prevent our office from assessing a business that has closed.
What other information is necessary to complete the Business Personal Property Rendition?
The form also requests the Federal Employee Identification number and Business code (SIC). These numbers are listed on the Federal Income Tax Return.
Are licensed vehicles – automobiles, trucks, etc. – to be included on this form?
No. This is the most common mistake made in completing the Form 901. Motor vehicles licensed by the state – automobiles, pick-ups, etc. – are not included either in inventory or as machinery and equipment.
Is depreciation allowed on furniture and fixtures, machinery and equipment?
Yes. The County Assessor’s office allows depreciation in accordance with schedules developed by the Oklahoma Tax Commission specifically for ad valorem taxation. The taxpayer should list fixed assets by year of acquisition which will enable the County Assessor’s office to allow proper depreciation.
What is the due date for completing the return?
By Oklahoma statute, the business form must be filed between January 1st and March 15th. After March 15th, the return is delinquent and a penalty of 10% of the assessed valuation is added. After April 15th a penalty of 20% of assessed valuation is added.
What if a return is not filed?
If a Canadian County business does not file, the County Assessor is required to prepare an assessment from the best information available in the absence of a return by the taxpayer. This is called an arbitrary assessment. An arbitrary assessment must be protested within 10 days of the date of the notice if the taxpayer does not agree with the assessment.
Do I have a chance to correct a mistake or protest the valuation of my business?
Yes. The Assessor’s office will send you a notice showing the value placed on your business. You have 20 days to review the value and contact the Assessor’s office to correct any mistake or problem. If the value is still not satisfactory, you may formally protest the valuation to the County Board of Equalization within 20 days of the date of this notice. The Board of Equalization is in session from April 1st through May 31st.
Are returns subject to audit?
Yes. Under Oklahoma statutes, the County Assessor may inspect property records and request information about the business. An owner may be put under oath.
What if I have questions about the Business Rendition?
If you have any questions about a return or an audit, please feel free to call our office.