|Leonard Sullivan-Oklahoma County Assessor, 320 Robert S. Kerr #313, Oklahoma City, OK 73102|
Questions and answers about BUSINESS PERSONAL
Who is required to file a Business Statement of Assets (form 901)?
All businesses, corporations, partnerships and professionals are
required to file a 901 form as of January 1 each year.
Why do I have to file?
What are the due dates for filing the Business
Statement of Assets (form 901)?
By Oklahoma statute, the Statement of Assets (Form 901) must be filed from January 1 to March 15 each year. After March 15, the return is delinquent and a penalty of 10% of the assessed valuation is added. After April 15, a penalty of 20% of assessed valuation is added.
No. There is no provision in the statutes for an extension.
How does a taxpayer file a Business Statement of Assets (form 901)?
The taxpayer completes Form 901 listing the original cost of the
assets of the business concern.
What if a Business Statement of Assets is not filed?
If an Oklahoma County business does not file, the County
Assessor is required to prepare an assessment from the best information available in the
absence of a return by the taxpayer. This is called an arbitrary assessment. An arbitrary
assessment must be protested within ten days of the date of the notice.
How can I obtain this form?
At the beginning of the year, a return is mailed to the
taxpayers we have on record. If you did not receive one, contact the Oklahoma County
a copy of Form #901.
What if I received two 901 forms, or two assessment notices?
Mail the county assessors office a letter stating the correct name, account number and address for each business location. Download an example of an assessment notice.
I have two or more business locations, may I render one 901 form?
No. All business must be assessed on an individual basis so
the school districts are funded properly.
What if I have no assets to report?
If you feel you have nothing to report, attach an explanation
about why nothing was reported and file it with the County Assessors office. Almost
all businesses and rental units have some assets to report even if it is only supplies, or
What if the business has sold or closed?
Notify the County Assessor in writing with the business
name and date of closure.
Is depreciation allowed on furniture and fixtures,
machinery and equipment, computer equipment and leasehold improvements?
Yes. In calculating the assessed value, the county assessor's office allows
depreciation. The taxpayer has the option of listing fixed assets in summary or by
year of acquisition. Generally, listing by year acquired permits the County Assessor's
office to allow more depreciation.
Download depreciation multipliers.
Are licensed vehicles, automobiles, trucks, etc. to be included on this form?
No. This is the most common mistake made in completing the Form
901. Motor vehicles licensed by the state are not included in inventory or as machinery
Do I have a chance to correct a mistake or protest
the valuation of my business?
Yes. The Assessor's office will send you a notice of assessment showing the
value placed on your business. You have 20 days to review the value and contact the
Assessor's office to correct any mistake or problem. If the value is still not
satisfactory, you may formally protest the valuation to the County Board of Equalization
within 20 days of the date of the notice. The Board of Equalization is in session from the
fourth Monday in January to May 31.
What if I have old equipment that has been fully depreciated and written off the books?
Whether fully depreciated in your accounting records or not, all
property still in use or in your possession should be reported.
What if I buy or sell an existing business during the year? Who is responsible for the taxes?
The owner on January 1 would be responsible for filing the
personal property return. However, the County Assessors office needs to be notified
of any changes in ownership.
If I close my business in the middle of the year, can the taxes be prorated?
No. Taxes are due in full for that tax year.
What if I have closed my business, but still own the assets?
You are still required to file a return.
Helpful Hints And Suggestions
Business Personal Tax Exemptions
What requirements are necessary to qualify?
Manufacturing facilities must have a net increase of
The construction, acquisition or expansion results in a net increase of
(15) or more
How do I file for this exemption?
Inventory which can be exempt includes goods, wares and merchandise that is held for assembly, storage, manufacturing, processing or fabricating purposes.
In order to be exempt, the Inventory must have a final destination outside the State of Oklahoma, while being in the state for less than nine months. The burden of providing entitlement to the exemption is on the taxpayer.
What type of Inventory does not qualify?
How do I file for this exemption?