Business personal property reporting deadline nears - Late filers could be penalized 20%

February 5, 2019

Oklahoma County Assessor Larry Stein urged business owners and those who operate a business out of their own homes to remember to file their Business Personal Property Returns (Form 901) by March 15, 2019, with their respective county assessors' offices.

“While most Americans focus on the federal and state tax deadline of April 15, the Business Personal Property Rendition Forms (OTC-901) are due by March 15,” Stein said. “Our office takes the responsibility of assessing business personal property on the 26,000 businesses in Oklahoma County very seriously.”

“We follow the law, and if this deadline isn’t met, the business suffers the consequences,” Stein said. “We have a pretty good compliance record but we want to do better. While 20,000 accounts file on-time, there are about 6,000 filers who suffer penalties. It would be great to have full compliance and save businesses money by avoiding any state-mandated penalties that can be as high as 20 percent of the assessed value.”

Schools and career techs receive just over 71 percent of property taxes, which includes business personal property taxes. School districts make decisions and build their annual budgets from these assessments and the property taxes paid.

“Oklahomans want the best schools for their children and these assessments and property taxes are the largest funding source for our schools and career techs, along with city/county health departments, libraries, city projects and essential county services like law enforcement,” Stein said.

County Assessors across Oklahoma are required by law to assess the taxes and, when they are filed late, assess the penalties.

“Statutes require that if I or any other county assessor fails, neglects or refuses to add the valuation penalty as provided by this section,’ then each of us is liable for the amount of said penalties in the county we represent,” Stein explained. “I take this part of my job as county assessor seriously and I hope business owners do, too.”

Editor’s note: Citing for the state statues that govern Business Personal Property Return can be found under Title 68, Sections 2817 and 2836, Paragraphs A through D. 

The public can download instructions for filing out Form 901 here: https://assessor.oklahomacounty.org/DocumentCenter/View/37/Business-Personal-Instruction-Sheet-PDF?bidId

Form 901 can be found here:  https://assessor.oklahomacounty.org/DocumentCenter/View/35/Business-Personal-Form-OTC-Form-901-Blank-Form-PDF?bidId=