I want to take some time to explain Business Personal Property Taxes. It’s one of those things that no one really teaches about when you start your business. All seventy-seven counties in Oklahoma assess this tax. It is directed only to businesses based on the value of tangible assets. Each year, the county Assessor’s office performs a visual inspection within their county to make sure all real property (homes, buildings, etc) and businesses are accounted for on the tax roll. This information is particularly for those photographers who operate a brick and mortar studio.
If you open your business during the year, the Assessor’s office will assess you on January 1 of the following year. Incidentally, if you go out of business during the year, you will be liable for the taxes since you owned the property as of January 1.
What you need to do as a business owner is to file the OTC 901 form with your county Assessor’s office. It must be filed each year after January 1 and is due by March 15. With emphasis: Every. Year. You can find the form here: https://www.ok.gov/tax/documents/901.pdf. If it is is not received by the deadline, a penalty (up to 20% of the value) is assessed. Missed the deadline? Get the form in as soon as you can. Some counties may be able to work with you. Without this form, the Assessor's Office will need to come up with an approximate value of your assets. Most likely, it will not be accurate!
When you fill out the OTC 901 form, you need to list your tangible assets, their value, and the date of purchase. Don’t forget about depreciation! If you need assistance filling out the form, contact your CPA or your county assessor's office for more information.
Here are the websites of the two larger counties in Oklahoma that contain facts and further information: