Oregon businesses are required to file business personal property and industrial property tax returns used in the valuation process. A new law makes changes to the due date, eliminates filing extensions, and sets forth penalties for late returns.
Returns must contain a full listing of the property and a statement of its real market value, including a separate listing of those items claimed to be exempt as imports or exports. Statements must reflect property additions or retirements made since the prior January 1, indicating the book cost and the date of acquisition or retirement.
The previous deadline for filing property tax returns was March 1 of each year. Businesses could file for an extension to April 15 if certain conditions were met. House Bill 2484 changes the filing deadline from March 1 to March 15 and eliminates the filing extension.
The new law also institutes the following penalties:
Returns filed after March 15, but on or before June 1, are subject to a 5% late
filing penalty of the tax attributable to the industrial or personal property
Returns filed after June 2, but on or before August 1, are subject to a 25% late fee
Returns filed after August 1, or not at all, are subject to a 50% penalty
The county assessor or county board of property tax appeals may waive all, or a portion of the penalty, for good and sufficient cause. The tax changes enacted with HB 2484 are effective for the 2016 tax year.