on Filing Farm Livestock and Equipment
Is farm equipment taxable as
Yes. All farm equipment which is located in the state of
Oklahoma, shall be listed and assessed as other personal property in the
county which the equipment is located as of January 1st of
each year. Livestock is no longer taxable in Carter County. The
following are examples of taxable farm equipment:
How do I apply for a farm exemption
listing your farm equipment with the County Assessor between
January 1st - March 15th of each year, the
County Assessor will fill out a farm exemption permit form provided by the
Oklahoma Tax Commission. Livestock, although not taxable in Carter
County must be listed along with equipment. This information will be
transferred in triplicate onto the Tax Commission exemption permit form,
one copy is retained, one is sent to the Oklahoma Tax Commission and one
is sent to the taxpayer for their records.
How does it benefit me
applying for this Exemption permit?
The benefit to filing for this permit is not having
to pay sales tax on farm supplies, equipment and fuel which is purchased
for use on the farm.
How many acres must I farm to be
considered eligible for the exemption permit?
If the land is being actively farmed, there is no restriction on
the number of acres that you are farming. For assessment purposes however,
in order for your land to be classified as agricultural, it must be at
least 5 acres.
Am I required to list my farm
assets with the Assessors office if I am not interested in the farm permit
Yes. By Oklahoma statute, the taxpayer is required
to list all farm personal property with the County Assessor by March 15 of
each year. After March 15, the listing 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. If no
listing takes place, an arbitrary value will be applied to the taxpayer
account. Download Farm Personal rendition