Form 901 Instructions
Who Must File...
All business concerns, corporations, partnerships and professionals are required
by Oklahoma statutes to le each year a statement of taxable assets as of January
1, which are located within this county. This rendition must be signed by an owner,
partner, ofcer of the corporation or a bonade agent.
Penalties...
Failure to le by March 15th will subject the taxpayer to a mandatory penalty of 10
percent, or a 20 percent penalty if not led by April 15th (68 O.S. Section 2836C). If
received through the mail by this ofce, it must be postmarked no later than March 15th.
Postage metered mail overstamped by the Post Ofce after March 15th, will carry the
mandatory penalty.
Taxpayers Filing Form 901 in this County ...
Attach a complete detailed listing of all TANGIBLE assets used in business,
grouped by description, year acquired and original cost, and items that have zero
book value, use reporting Asset Listing 904 Schedule 3 or 3A, which is available
from the county assessor. Report ONLY TANGIBLE ASSETS.
North American Industry Classication System (NAICS)...
This is your six digit Federal Business Activity Code.
Location of Property...
You must le a separate rendition for each location for assessment allocation to the
various school districts.
Original Cost Values or RCN...
Report the total new or used total cost or replacement cost new, including freight-in and
installation costs. Do not deduct investment credit, trade-in allowances or depreciation.
If unknown, estimate the original cost. Estimated costs will not be depreciated without
supporting documents.
Year Acquired...
This is the purchase date. Depreciation cannot be calculated unless the year acquired is
reported.
Leasehold Improvements...
Report cost and detailed description of improvements to property owned by others. Do
not report building expansions or repairs, rough plumbing or electrical service, which are
included in real estate values. Report all other items such as partitions, new store fronts, etc.
Furniture and Fixtures...
Items included: ofce desks, chairs, credenzas, le cabinets, table booths, shelving
display cases, racks, gondolas, retail xtures, hotel and motel furnishings, apartment
appliances, etc.
Electronic Equipment ...
Items included: calculators, copiers, drafting machines, blueprinting machines, fax
machines, postage machines, telephone equipment, typewriters, lunch room appliances,
etc. Also, include electronic and computer controls used with machinery and equipment.
Computer Equipment ...
Items included: computer hardware, monitors, drives and other such hardware compo-
nents, custom software is exempt as an intangible.
Machinery and Equipment...
Items included: auto repair, agricultural, bakeries, barber and beauty shops, cleaning
and laundry, fuel storage tanks, gas pumps, medical, restaurants, signs, theaters, etc..
All equipment and machinery (forklifts, mobile yard cranes, drilling rigs, tools) is also
included. Equipment installed on trucks or trailers after purchase must also be reported.
Do not list licensed vehicle such as autos, trucks, semitrailers, boats over 10 h.p., etc.
Forklifts and Construction Equipment...
Items include: forklifts, back hoes, compactor, dozers, draglines, earth movers, graders,
mobile cranes, rollers, trenchers, etc.
Tooling, Dies and Molds...
Items include: Tooling, dies, punches, molds, patterns, jigs, etc.
Trade Tools and Equipment...
Include items used by carpenters, cement nishers, craftsmen, electricians, mason,
mechanics, repair services, roofers, etc.
Leased to Others...
List lessee, address, asset type, original cost, and age of asset. Additional sheets may be
attached if necessary.
Leased from Others...
List lessor, address, asset type, age of asset, and beginning year of lease. Additional
sheets may be attached if necessary.
Inventories...
Add your total monthly inventories. Then divide the sum by the number of months you
have inventory in this county for the year to determine your average inventory. Inventories
held for others or cosigned must be reported separately. Inventory claimed exempt must
be accompanied by a Freeport Exemption Form (901-F). Companies primarily engaged in
selling of lumber and other building material including cement and concrete except for
home centers classied under Industry No. 444110 of the North American Industrial
Classication Systems (NAICS) Manual, shall be assessed at the average inventory value
on hand each January, 1 and December, 31 of the same calendar year.
If the Business is Sold, Closed or Name Changed...
To avoid possible incorrect or duplicate assessment, taxpayers should provide information
as follows:
• Business Sold: date of sale, name and address of new owner.
• Business Closed: date of closing or date all personal property was disposed, report
location and value of any remaining property still owned on the assessing date,
even if in storage.
• Business Name Change: date of change and new name.
Intangible Business Personal Property...
If any intangible property is imbedded in the reported assets the intangible property must be
identied and valued to the county assessor with supporting documentation. Supplemental
Form 901-IP must be used for any submission.
Part Four: Additions During the Reporting Year, or Schedule 3, or 3A
Item
Number
Item Description
Year Acquired
New Used
Total Original Cost or RCN
Total
Part Five: Deletions During the Reporting Year
Item
Number
Item Description
Year Acquired
New Used
Total Original Cost or RCN
Total
Part Six: Beginning or Monthly Inventory
▲ ▲
Average
▲
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January
July
February
August
March
September
April
October
May
November
June
December
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Business Personal Property Rendition - Page 2
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