Farm Personal Property

Is farm equipment taxable as personal property?

Yes. All farm equipment which is located in the state of Oklahoma shall be listed and assessed as personal property in the county which the equipment is located as of January 1st of each year. Livestock is no longer taxable in Canadian County. The following are examples of taxable farm equipment: 

Fuel Powered: Tractors, Swathers, Combines

Other Equipment: Box Blades, Brush Hogs, Discs, Cultivators, Balers

How do I apply for a farm exemption permit?

When listing your farm equipment with the County Assessor between January 1st and March 15th of each year, the County Assessor will fill out a farm exemption permit form provided by the Oklahoma Tax Commission. Livestock, although not taxable in Canadian County, must be listed along with equipment. This information will be transferred in triplicate onto the Tax Commission exemption permit form, one copy is retained, one is sent to the Oklahoma Tax Commission, and one is sent to the taxpayer for their records.

How does it benefit me applying for this Exemption permit?

The benefit of filing for this permit is not having to pay sales tax on farm supplies, equipment and fuel which is purchased for use on the farm.

How many acres must I farm to be considered eligible for the exemption permit?

If the land is being actively farmed, there is no restriction on the number of acres that you are farming.

Am I required to list my farm assets with the Assessor's office if I am not interested in the farm permit exemption?

Yes. By Oklahoma statute, the taxpayer is required to list all farm personal property, with the County Assessor by March 15 of each year. After March 15, the listing is delinquent and a penalty of 10% of the assessed valuation is added. After April 15, a penalty of 20% of assessed valuation is added. If no listing takes place, an arbitrary value will be applied to the taxpayer account.