Get the free Intangible Personal Property Exemption

This form is used to claim an exemption for intangible personal property from ad valorem tax in Oklahoma. It requires the taxpayer to identify intangible assets and provide documentation related to

How to fill out intangible personal property exemption

How to fill out Intangible Personal Property Exemption

1. Obtain the Intangible Personal Property Exemption application form from your local tax assessor's office or website.
2. Carefully read the instructions provided with the application form.
3. Fill in your personal information including name, address, and contact details.
4. List the types of intangible personal property you own, such as stocks, bonds, and certain licenses.
5. Provide any required supporting documentation to validate your ownership of the intangible property.
6. Review the application to ensure all information is accurate and complete.
7. Submit the application before the specified deadline to the appropriate tax assessor's office.

Who needs Intangible Personal Property Exemption?

1. Individuals and businesses that own intangible personal property and wish to qualify for tax exemptions.
2. Property owners looking to reduce their taxable assets for financial benefits.
3. Taxpayers seeking information on exemptions to minimize their overall tax burden.

People Also Ask about

What is the difference between personal property and intangible property?

Personal property can be divided into a few different categories—notably tangible and intangible personal property. Tangible personal property is anything that can be held and has definitive value while intangible personal property is anything that doesn't have any obvious value and can't be touched.

What are examples of intangible personal property?

Any intangible personal property other than goods, accounts, chattel paper, documents, instruments, investment property, rights to proceeds of written letters of credit, and money. Some examples are goodwill, things in action, and literary rights.

What goods include intangible personal property?

“Intangible assets” are items that do not have a physical form. That includes things like patents and copyrights, an interest in a business, non-fungible s (NFT) and other digital assets, and also bank accounts, stocks and bonds, retirement plans, and life insurance policies.

What are the intangible personal properties?

Intangible personal property is any type of asset that has value but isn't physical in nature. Examples of intangible personal property are copyrights, patents, intellectual property, and investments.

What are 5 examples of intangible personal property?

Intangible property is a property without a physical existence. Examples of intangible property include patents , patent applications, trade names, trademarks , service marks, copyrights , trade secrets.

What does tangible personal property tax exemption mean?

Tangible personal property is anything your business owns that is movable. This property can include office furniture and supplies, machinery, tools, and vehicles. Like real property, tangible personal property tax is assessed based on the presumed value of the assets.

What are the 4 intangible goods?

An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, franchises, goodwill, trademarks, and trade names, reputation, R&D, know-how, organizational capital as well as any form of digital asset such as software and data.

What are the 5 intangible assets?

Examples of intangible assets include goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists. You can divide intangible assets into two categories: intellectual property and goodwill. Intellectual property is something that you create with your mind, such as a design.

For pdfFiller’s FAQs

What is Intangible Personal Property Exemption?

Intangible Personal Property Exemption refers to the legal provision that allows certain types of intangible assets, such as stocks, bonds, and other financial instruments, to be exempt from property taxes.

Who is required to file Intangible Personal Property Exemption?

Individuals and businesses that own intangible personal property and wish to claim the exemption must file for the Intangible Personal Property Exemption.

How to fill out Intangible Personal Property Exemption?

To fill out the Intangible Personal Property Exemption, you must obtain the appropriate form from your local tax authority, provide accurate details about the intangible assets you own, and submit it by the designated deadline.

What is the purpose of Intangible Personal Property Exemption?

The purpose of the Intangible Personal Property Exemption is to reduce the tax burden on individuals and businesses by exempting certain intangible assets from taxation, thereby encouraging investment and economic growth.

What information must be reported on Intangible Personal Property Exemption?

Information that must be reported includes the type and value of intangible assets owned, the owner's contact information, and any other relevant financial details as required by the local tax authority.