Who must file:
All business concerns, corporations, partnerships or individuals are required by Oklahoma law to file each year a statement of taxable assets as of January 1, that are located in this county and are not specifically exempt from ad valorem taxation by payment of gross production tax. The rendition must be signed by an owner, partner, or officer of the business concern or designated agent.
What is Included:
Taxable assets rendered on this form should only include those assets that are not exempt by payment of gross production tax. The Tax Commission has published rule 710:10-8 concerning property eligible for exemption from ad valorem taxation pursuant to the provisions in paragraphs (R) and (S) of Section 1001 of Title 68. Both the rule and statutory reference can be found on the OTC website: www.tax.ok.gov. They may also be obtained from the Ad Valorem Tax Division.
Failure to file by March 15 will subject the taxpayer to a mandatory penalty of ten (10) percent, or a twenty (20) percent penalty if not filed by April 15th (68 O.S. Section 2836 (C). Any omitted property pursuant to 68 O.S. Sections 2843 and 2844 shall also be subject to penalty and interest from the time of discovery not to exceed fifteen (15) years on real property and three (3) years on personalproperty.
Taxpayers Filling Form 901-P:
Attach a complete detailed listing of all taxable assets grouped by description, year acquired and total acquisition cost. Use OTC Schedule 904-3-P for individual assets located in specific school districts. The form is available on the OTC website: www.tax.ok.gov, from the county assessor or the Ad Valorem Division.
North American Industry Classification Code (N.A.I.C.S.)
This is the six digit Federal Business Activity Code. If unknown, this code may be obtained from the federal publication of the same name, the Ad Valorem Division, U.S. Department of Census website: www.census.gov/epcd/www/naicstab.htm or search keyword NAICS.
Total Acquisition Cost:
Report the total new or used cost at time of acquisition. This will include all direct and indirect costs associated with the asset. Components used to estimate total acquisition cost may include but not be limited to repair or reconditioning of an asset to place the asset in working condition.
Acquisition or purchase date, new or used. Depreciation cannot be correctly calculated without the acquisition date.
Report total cost and a detailed description of improvements to property owned by others. Do not report building expansions or repairs that are otherwise included in the real estate value of the building. Report only those improvements that are “tenant” specific. This may include interior modifications such as partitions, lighting, electrical, suspended ceilings, etc.
Furniture and Fixtures:
Office desks, chairs, credenzas, file cabinets, tables, booths, modular cubicles, book cases, racks and other such items.
Office Equipment:Office Equipment:
Calculators, copiers, blueprint machines, plotters, fax machines, shredders, postage machines, telephone equipment, lunch room or kitchen appliances and other such items.
Items included: computer hardware, monitors, drives, and other such hardware components. Custom software is exempt as an intangible.
Any refinery, gas extraction, purification or other such processing facilities, including all equipment used in the processing of oil, natural gas, carbon dioxide or other liquid hydrocarbons which are not otherwise specifically exempt from ad valorem taxation by payment of gross production tax.
Tools, Machinery and Equipment:
Fuel in storage, gas in storage, tanks, pumps, signs, miscellaneous tools, power equipment, fork lifts, mobile yard cranes, tractors, non-tagged vehicles or trailers, drilling rig equipment and other such items which are not otherwise specifically exempt from ad valorem taxation by payment of gross production tax. Do not list current licensed and tagged vehicles.
Meters, regulators or devices and all related items used to measure oil, natural gas, carbon dioxide, or liquid hydrocarbons which are not otherwise specifically exempt from ad valorem taxation by payment of gross production tax.
List the size and length of pipe used in the gathering or transmission of oil, natural gas, carbon dioxide, liquid hydrocarbons or other such products. This will include steel, PVC, polyethylene, including any pipe, wrappings, coatings, protection devices, and other costs directly or indirectly related to the asset, which are not otherwise specifically exempt from ad valorem taxation by payment of gross production tax.
Compressor stations including tanks, pipe, valves, measuring or regulatory devices or other related equipment not used for production purposes at the well site and not specifically exempt from ad valorem taxation by payment of gross production tax.
Valves or groups of valves used in the collection, distribution, gathering or transmission of oil, natural gas, carbon dioxide, or any other liquid hydrocarbons. Include launchers, receivers, meters, tanks, pipe and other related equipment which are not specifically exempt from ad valorem taxation by payment of gross production tax.