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Taxable business property lists due

February 1, 2016 by Methow Valley News

The annual itemized list of personal property used in a business, ranch or farm is due to the Okanogan County assessor.

State law requires all businesses to submit a list of all taxable personal property as of Jan. 1, including desks and chairs, computers, display cases, camera security systems, furniture used in nightly rentals, farm machinery, irrigation pipe and construction equipment.

Taxable personal property does not include household goods and personal effects unless they are used in a business. It also does not include business inventories, such as goods offered for resale.

The assessor’s office is mailing the current listing to property owners already registered with the county on Jan. 15. The list needs to be reviewed and updated by the owners to be sure it is current, so that new items are added and items no longer in the business owner’s possession are deleted. The business owner must provide the acquisition date and cost (minus sales tax) for each item.

All new businesses must contact the assessor’s office to request a personal property listing affidavit so they can record and value their business property. Attaching a copy of the IRS depreciation schedule for these items assists the assessor in creating an accurate listing.

The updated list is due at the county assessor’s office by April 30. Late filings may incur penalties from 5 to 25 percent of the tax due.

For more information, contact the assessor’s office at (509) 422-7190.

Filed Under: NEWS Tagged With: Assessor, Okanogan County, Property taxes

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