Businesses must report all property located in the county on January 1. Personal Property Tax, Ad Valorem Tax Defined - The Oklahoman PDF 2023 Form 901 Business Personal Property Rendition - Oklahoma If you do business in the Sooner State, here is what you need to know about Oklahomas business personal property tax. Source: Tax Foundation & Foundation for Government Accountability calculations from U.S. Census Bureau data. Obviously, doubling real property taxes would be politically costly. In this report, we used three methods for estimating personal property tax levies based on available data. File the original return from this office (with name and account number) as soon as possible before March 15. These rates would result in a yearly tax bill of $900 to $1,100 on a $100,000 owner-occupied home. 32, 3848, 3849. (See Table 3.) However, the excise tax you pay in Oklahoma when you purchase a vehicle is deductible as part of the general sales tax. Preferences for homestead property also are common. These cookies track visitors across websites and collect information to provide customized ads. Seven states (Delaware, Hawaii, Iowa, Illinois, New York, Ohio, and Pennsylvania) have eliminated TPP taxation. Are there taxes on intangible property in Oklahoma? Finally, the calculated tax may be reduced by credits, abatements, and refunds. Maine has exempted most industrial machinery and equipment, but not furniture and TPP of a retail business, acquired after April 1, 2008. This repeal of the majority of TPP tax was part of major tax legislation that increased taxes imposed at the state level. [41] 2007 through 2011 Annual Reports of the Kansas Department of Revenue, available at http://ksrevenue.org/annualreport.html. 47:6006 (2001). Montana is an extreme example of a state that imposes different rates on different types of property. TPP tax levies have decreased nationwide in the past decade, according to data from 33 of the 43 states that levy the tax. Who must file an Oklahoma tax return? For data on the personal property tax base, see Table 1. 36, 661, 694, 700-B. Calculation of the impact of these limitations can be very complicated because of a variety of rules for taxes imposed by different taxing authorities on different types of property and to support different types of expenditures. As you can see, Louisiana is considered one of the states with no property tax due to its low value of .51%. Steps taken by other states can provide a roadmap.