Assessor John Wright explains property taxes

It’s a fair statement that no one likes paying taxes. Income tax, sales tax, and property tax all are capable of generating emotions ranging from aggravation to confusion, but it can help make the bitter pill of taxation a little easier to swallow if the taxpayer understands how the process works and what tax dollars are used for.

La Semana recently sat down with Tulsa County Assessor John A. Wright, whose office is responsible for fairly and accurately determining the taxable value of personal and commercial property.

For those who own a home but don’t own a business, dealing with property tax comes in the form of an annual statement listing the currently assessed value of the home and the amount due. This amount can be paid all at once before December 31st, or, with a small amount of interest added, can be split into two payments, the first due by December 31st and the second due by March 31st. Payments received after that day are subject to a penalty.

Wright said that what many property owners may not know is that there is an appeals process is the taxpayer believes their home is valued too high.

“Someone may be aware of circumstances in their home – a shifting foundation, a roof leak, or whatever that would greatly affect their value if they want to sell it, but not something that we would see from the outside of the property, so that’s part of the reason for the opportunity to appeal,” Wright said.

The assessor said that if the valuation of property has increased, a taxpayer may file an appeal within 30 calendar days from the date the Notice of Increase in Valuation was mailed, and if the valuation of property has not increased or decreased from the previous year, a taxpayer may file an appeal on or before the first Monday in April.

First the taxpayer would file an informal appeal, and if unhappy with the results a formal appeal may then be filed. These appeals are at no cost to the taxpayer, and formal appeals are decided by a three member panel that is separate from the assessor’s office.

In addition to the appeals process, there are exemptions taxpayer may file to reduce their property tax liability. The main one is the homestead exemption, which can lower your taxes by between $91 and $142 annually.

For those with income less than $20,000 per year, a second exemption may apply. Those earning less than $12,000 may be eligible for a property tax refund.

Senior citizens can apply for a “senior freeze” which keeps the taxable value from increasing while that person owns the property.

Businesses have a more complicated path to navigate, as they are also responsible for paying taxes on all assets, from real estate to inventory to office equipment. Each year all businesses must submit a list of all their assets and what they cost. This is a process called “rendition,” and if businesses don’t provide the data the assessor’s office attempts to value the assets themselves.

“For businesses the rendition is due by March 15th each year,” Wright said. “We send reminders to those we’re aware of, but the law still requires that the rendition must be submitted by March 15th.”

And it pays for businesses to meet the deadline.

“Following that date we’re mandated to impose a 10% penalty up until April 15th,” Wright explained, “and following that a 20% penalty.”

Something else businesses owners need to know is that if they purchase an existing business that owes taxes on assets, the new owners become responsible for that debt. Wright urged those considering buying a business to check on this before they get an unpleasant surprise.

So what is all the money used for? In Tulsa County, much of it goes to public schools, as well as to Tulsa Community College and Tulsa Technology Center. Tulsa County also has a parks department and an extensive government that needs funds, including the sheriff’s office, courthouse, county infrastructure, and much more.

Wright’s office is staffed with friendly and helpful people who are more than willing to answer any questions taxpayers have. The assessor’s office also conducts outreach programs throughout the county to keep the public informed about the process.

For more information, call (918) 5965100. Spanish speaking staff are available. (La Semana)