How is personal property appraised?
The Assessor is responsible for the valuation o f all taxable personal property. To assist the Assessor in this process, each individual, partnership, firm or corporation that has taxable personal property must file a return listing all property in their possession or control by March1 each year. Oregon law requires that personal property be valued at 100% of its real market value (RMV) and that it be taxed in the county that it was located in on January 1.
All personal property, except certain motor vehicles and commercial/industrial machinery and equipment, is appraised at “market value” as of the first day of January each year. Market value is the amount of money a well-informed buyer would pay and a well-informed seller would accept for property in an open and competitive market without any outside influence. Certain motor vehicles and commercial/industrial machinery and equipment are appraised using a value-based method, however it is not “market value”.
The tangible personal property schedule is used to calculate personal property schedule is used to calculate personal property appraisals for businesses. When completing the schedule for a business, it is important to include all tangible personal property used or held for use in the business as of January 1 of the current year. To avoid a forced assessment, a completed schedule must be returned to the Assessor before March 1 of each year.
Related Questions
- I won the bid on a HUD home, but bid more than the appraised value to ensure that they would be awarded the property. Can I still buy the home for $100 down?
- Why has Zillow undervalued this property on this listing, it has been appraised before rehab higher?
- How is property appraised for property tax purposes?
