Personal Property Tax Returns

To All Self Employed Clients:

Many of you are receiving a letter, for the first time, from Lane County Assessment and Taxation stating that you are required to file a Personal Property Tax Return by March 1st. This is not a new tax but it has been a poorly enforced tax. L. Burdick & Associates prepares income tax returns and has to this point not been handling the business personal property tax returns unless you had requested we handle it.   Each individual, partnership, firm or corporation, including home based businesses, that has taxable business personal property is required to file. This property includes all equipment, office furniture and computers, libraries, non-inventory supplies, and leased equipment and is generally based on your depreciation schedules which list all of your business assets. All items held exclusively for personal use are exempt from tax. Attached is more specific information on what is taxable and what is exempt. If the assessed value of your business property totals less than $16,000, the tax will be cancelled. You still must file every year. If you are a business owner, you must file a return each year even if you didn’t receive a tax return from the county in which your property is located, the assessor cancelled your tax in prior years, you sold or closed your business during the year or you sold or disposed of your personal property. If the business owner doesn’t file, penalties from 5 to 50 percent of the taxes due may be assessed, depending on how late the return is filed.

As a response to the letters being sent out by Lane County I have attached information on how anyone who has a business can obtain the forms that are needed to file the return. If you would prefer that L. Burdick & Associates prepares the return for you we will need you to contact us with an updated list of all equipment you own as of January 1st.

On the back side of this letter is an attachment prepared by the Lane County Assessor. It tells you how to obtain the tax forms online as well as where you may find additional information on this issue.

Please contact the county for help in filing if you are preparing this yourself. The attached memo also includes a walk in date for assistance from the county. If you prefer, we will help you with the filing. Please contact us immediately.

Sincerely,

The Entire Staff of L. Burdick & Associates