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Taxes

personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Oregon, personal property tax is applicable to items of personal property that are used in a business to produce income. This includes machinery, equipment, furniture, fixtures, and leased equipment. The tax is assessed based on the property's value, which is determined annually. Taxable personal property must be reported each year to the county assessor's office where the property is located using a Confidential Personal Property Return form. The deadline for reporting is March 15. Failure to file the return can result in penalties. It's important to note that personal property tax does not apply to personal items used for personal use, such as household goods or personal vehicles. However, vehicles, boats, and aircraft used for business purposes may be subject to personal property tax as business personal property. The tax rate varies by locality and is applied as an ad valorem tax, meaning it is based on the assessed value of the property.

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Taxes

personal property tax

Individual & Family Legal Plan

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Oregon State Code

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Taxes

personal property tax

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