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Business Personal

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1. Who is required to file a Business Statement of Assets (form 901)?

All businesses, corporations, partnerships and professionals are required to file a 901 form as of January 1 each year.

2. Why do I have to file?

Title 68, section 2832, Oklahoma Statutes, requires that all personal property must be reported each year to the County Assessor’s office. If you receive a return by mail, it is because our office has determined that you may have property to report. If you feel the form is not applicable, return it with an explanation. Either way, the form MUST be returned. Failure to received a Personal Property Tax Return (Form 901) does not relieve you of your obligation to file.

3. What are the due dates for filing the Business Statement of Assets (form 901)?

By Oklahoma statute, the Statement of Assets (Form 901) must be filed from January 1 to March 15 each year. After March 15, the return 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.

4. Can our company file for an extension?

No. There is no provision in the statutes for an extension.

5. How does a taxpayer file a Business Statement of Assets (form 901)?

The taxpayer completes Form 901 listing the original cost of the assets of the business concern.
Assets include furniture and fixtures, machinery and equipment, computer equipment, leasehold improvements and a schedule of monthly inventories for the past year. The 901 form must be prepared by an owner, partner, officer of the corporation or a bona fide agent. The form must be returned to our office by March 15. Get 901 Instruction sheet (PDF).

6. What if a Business Statement of Assets is not filed?

If an Oklahoma 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 ten days of the date of the notice.

7. How can I obtain this form?

At the beginning of the year, a return is mailed to the taxpayers we have on record. If you did not receive one, contact the Oklahoma County Assessor’s office. Business Personal Form OTC Form #901 (PDF)

8. What if I received two 901 forms, or two assessment notices?

Mail the county assessors office a letter stating the correct name, account number and address for each business location. Business Personal Assessment Notice Form (PDF)

9. I have two or more business locations, may I render one 901 form?

No. All business must be assessed on an individual basis so the school districts are funded properly.

10. What if I have no assets to report?

If you feel you have nothing to report, attach an explanation about why nothing was reported and file it with the County Assessor’s office. Almost all businesses and rental units have some assets to report even if it is only supplies, or rented equipment.

11. What if the business has sold or closed?

Notify the County Assessor in writing with the business name and date of closure.

12. Is depreciation allowed on furniture and fixtures, machinery and equipment, computer equipment and leasehold improvements?

Yes. In calculating the assessed value, the county assessor's office allows depreciation. The taxpayer has the option of listing fixed assets in summary or by year of acquisition. Generally, listing by year acquired permits the County Assessor's office to allow more depreciation. Multipliers Used in Calculating Market Value (PDF)

13. Do I have to report assets that I lease, loan, rent, borrow or are provided as part of the rent?

Yes. There is an area on the back of the return specifically for those assets. Even although the assets are assessed to the owner, they must be listed for informational purposes.

14. 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 are not included in inventory or as machinery and equipment.

15. 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 of assessment showing the value placed on your business. You have 30 calendar 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 the notice. The Board of Equalization is in session from the fourth Monday in January to May 31.

16. What if I have old equipment that has been fully depreciated and written off the books?

Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported.

17. What if I buy or sell an existing business during the year? Who is responsible for the taxes?

The owner on January 1 would be responsible for filing the personal property return. However, the County Assessor’s office needs to be notified of any changes in ownership.

18. If I close my business in the middle of the year, can the taxes be prorated?

No. Taxes are due in full for that tax year.

19. What if I have closed my business, but still own the assets?

You are still required to file a return.

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Business Personal Tax Exemptions

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1. What requirements are necessary to qualify?

For a list of business personal tax exemptions requirements to qualify please visit the Qualifying Requirements Page.

2. How do I file for this exemption?

To learn how to file for the business personal tax exemptions and the Freeport exemption on business personal inventory please visit the File for Exemption page.

3. What type of Inventory does not qualify?

For a list of inventory items that do not qualify please visit our Non-Qualifying Inventory page.

4. How do I file for this exemption?

The Freeport Exemption will only be considered if the Statement of Business Assets (form 901) is accompanied by a Freeport Declaration, obtained from the County Assessors Office. This form is not mailed with form 901, it must be requested. The Assessors office, upon receiving this Freeport Declaration, may require proof of inside and outside the state sales and purchases, as well as a completed vendor list. Business Personal Form OTC Form #901 (PDF)

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Farm Personal

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1. 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 other personal property in the county which the equipment is located as of January 1st of each year.  See Oklahoma Statute below:

Oklahoma Statutes Citationized
  Title 68. Revenue and Taxation
    Chapter 1 - Tax Codes
         Article Article 28 - Ad Valorem Tax Code
         Section 2809 - Farm Tractors

 

A. Each farm tractor in the state shall be subject to  ad valorem taxation and shall be returned and assessed as other personal  property.

B. The term farm tractor as used in this section and  in the Ad Valorem Tax Code is hereby defined to be any motor vehicle of tractor  type designed and used primarily as a farm implement for drawing plows, listers,  mowing machines, harvesters, and other implements of husbandry on a farm, or any  motor vehicle of tractor type used for the purpose of hauling farm products, by  the producer thereof, from farm to farm, or from farm to market.

C. No tractor shall be designated a farm tractor  unless it is used in whole or in part by the owner thereof upon, or in  connection with, a farm owned, leased or operated by such tractor  owner.

2. How do I apply for a farm exemption permit?

When listing your farm equipment with the County Assessor between January 1st - 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 Oklahoma 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.

3. How does it benefit me applying for this exemption permit?

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

4. 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. For assessor purposes however, in order for your land to be classified as agricultural, it must be at least 20 acres.

5. Am I required to list my farm assets with the assessors 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. Farm Personal Rendition Form #924 and #930 (PDF)

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General Assessor FAQs

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1. What is the job of the County Assessor?

To learn about the County Assessor's responsibilities please visit the County Assessor Job page.

2. How do I figure my tax?

The method for figuring ad valorem taxes requires four steps. For a list of these steps and a tax bill example please visit our Figuring Taxes page.

3. How are tax rates set for my property?

Tax rates or millage levies are set by procedures established in the Oklahoma Constitution or voted directly by the taxpayers. Rates are not set by the County Assessor. There are over 75 different rates in Oklahoma County and those vary across the county depending on which school district, city limit and vocational-technical school district the property is located. The tax or millage rate levied against a property makes a great deal of difference in the taxes paid. Rates in Oklahoma County have varied from $75 to $134 per thousand.

4. What is a mill?

A mill is one-thousandth of a dollar. For convenience in Oklahoma, a tax rate (the sum of all mills levied) is expressed as dollars per thousand dollars of assessed value. A Tax rate of 80 mills, for example, would be 80 tax dollars.

5. Where does my property tax money go?

Property taxes are an important source of revenue for local schools, vocational-technical education, libraries, city and county government. As in most states in the United States, property taxes are the backbone of funding of local government and schools. Oklahoma’s property tax with some changes has fulfilled this basic function since statehood. For additional information view the Tax Dollar Breakdown page.

6. When do I pay my tax?

The County Treasurer sends out a tax bill in October each year. Taxes may be paid on two installments. If exactly one half is paid by December 31, then the last half is due by March 31. If nothing is paid by December 31, the full amount is due and becomes delinquent January 1 with applicable penalties owed.

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General FAQs

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1. How can I save on my property taxes?

Do you qualify for any property tax exemptions such as:

• Homestead Exemption
• Additional Homestead Exemption
• Senior Valuation Freeze
• 100% DAV Exemption
• Tax credit / Refund
• 5 year MFG Exemption

2. What are my rights & responsibilities as a property owner?

Download our "Taxpayer's Rights & Responsibilities" brochure to find out more.... 

3. How can I change my mailing address for my property?

Submit a change of address here

4. How can I get a copy of my deed?

The County Clerk's office "officially" records all deeds, liens, & mortgages related to properties (Registrar of deeds).  Once a deed is officially recorded, it usually takes 3-4 business days to reflect the change on the Assessor's website.

5. How can I pay my property taxes?

Property tax payments are addressed by the County Treasurer's office (405) 713-1300.  Please contact their office directly concerning all tax payments.

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Homestead Exemption

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1. Do you qualify for Homestead Exemption?

You must be the homeowner who resides in the property on January 1. The deed must be executed on or before January 1 and filed with the County Clerks Office on or before February 1. You must be a resident of Oklahoma.

Homestead Exemption is an exemption of $1,000 of the assessed valuation.

• This can be a savings of $87 to$134 depending on which area of the county you are located . 

2. Do you qualify for the additional homestead exemption?

If you are head of household and qualify for homestead exemption, you may also qualify for additional homestead. You may receive an additional $1,000 assessment exemption if the gross household income from all sources did not exceed $20,000 for the past calendar year.

You may file for additional homestead between January 1 and March 15 or within 30 days from and after receipt by the taxpayer of notice of valuation increase, whichever is later. There is a simple form on income that you will fill out as part of your application. If you are 65 or older as of March 15 of the filing period and presently qualify for additional homestead, you will not have to renew the additional homestead annually. However, it will be the responsibility of the taxpayer to notify the Assessor’s office if your income exceeds $20,000. Additional Homestead Exemption Form #994 (PDF)

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Manufactured Housing

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1. How is a manufactured home taxed?

Manufactured homes are taxed as either real or personal property. For more information view our Taxing Manufactured Homes page.

2. Can I file for homestead exemption on my manufactured home that resides on land owned by someone else?

To find details about filing a home exemption on your manufactured home that resides on another person's land, view the Homestead Exemption page.

3. How do we determine the market value of your manufactured home?

In Oklahoma County, market value is based on a market driven cost approach. for a list of adjustments to consider please view our Determine Market Value page.

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Residential Appraisal

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1. I just purchased my property, why have you valued it for more than I paid for it?

There are numerous types of sales occurring throughout the county. Some of which are less than market as well as some more than market. Market value must be viewed as a willing buyer and willing seller without any undue pressure to buy or sell. For example if an individual is transferred from the county or inherits property, they may choose to sell below the market to rid themselves of the burden of trying to maintain two households.

On the other hand one might choose to purchase a home above the indicated market value for reasons such as location to ones employment, relatives, schools and fondness of the overall structure and layout of the property. These, along with other sales that have occurred in the neighborhood, must be considered. We determine what the majority of similar properties are selling for, in that neighborhood, and apply those findings in terms of market value.

2. How can my property be worth more if I haven’t done anything to it?

Property values are based on the activity in the marketplace. If homes, similar to yours, are commanding a higher price one would have to assume yours would be worth similar amount.

3. Why should I be penalized for somebody else paying a high price for a home in my neighborhood?

It isn’t a penalty. Although it does occur, few people will pay more for something than it is worth. Therefore if a number of homes similar to yours are selling for more based on the price paid by newcomers to you neighborhood, it increases the marketability and market value of your property should you decide to sell.

4. I have an older home in an area where they are building new homes. How will this affect my property value?

The newer homes will not have a direct affect on your value. We will, for valuing purposes, compare your home to similar properties in terms of age, condition and size as well as a number of other variables.

5. If you didn’t increase my market value, why did my taxes increase?

The County Assessor does not establish the amount of taxes you pay. If the market value placed on your property by the assessor remained the same as the previous year, the increase in you taxes can probably be attributed to an increase in millage rates within your particular school district. Millage levels are controlled by a vote of the people not the County Assessor. Millage Adjustment Factors (PDF)

6. Do you visit each home in the county?

Yes, Oklahoma law requires us to visit all properties once every four years.

7. What if I think the value placed on my property is wrong?

If you feel the Assessor has made a mistake in valuing your property, you may file an appeal with the Assessor’s office. County Assessor Informal Protest Form #974 (PDF)

8. How can my property increase in value if it is getting older?

In order to establish a market value for your property we must analyze the market in your neighborhood. While the homes similar to yours in terms of characteristics such and condition and age, are selling for more one would have to think your property would command a similar price.

9. Will my value increase every year?

The value of your property is based on the market in your neighborhood. If the values in your area, based on sales, should increase we must increase the entire neighborhood to maintain current market values as required by law. However, if the values were to decrease based on the sales occurring we again must make the necessary adjustments and maintain the current market value by decreasing the values in the neighborhood.