NOTICE TO MEDICAL MARIJUANA BUSINESSES:
ASSETS MUST BE REPORTED TO THE COUNTY!
In June 2018, Oklahoma voters approved State Question 788 to legalize medical marijuana. Since then the state has issued thousands of licenses for growers, processors and dispensaries. Each business is required by statute to list their assets for taxation. (OS68 Sec. 2832 & 2804)
Periodically, the Oklahoma Tax Commission provides the county assessor an updated list of medical marijuana license holders in Logan County so each new business can be placed on the tax roll.
In January, all known businesses will be mailed a form called OTC 901 Business Personal Property Rendition. This form is used annually to report inventories and fixed assets. It must be completed and returned by March 15 of each year in order to avoid a tax penalty. If Form 901 is not returned to the Assessor’s office, statute instructs the assessor or Board of Equalization to assign a value.
If you receive Form 901 and have questions about how to complete it, please call the Assessor’s office at 405.282.3509 and we will be happy to assist you.
COUNTY ASSESSOR CREATED
On May 2, 1890, Congress passed the Organic Act, officially creating Oklahoma Territory. Section six of the Organic Act states that all property must be taxed in proportion to its value, which is the meaning of ad valorem, a Latin phrase meaning "according to value."
Here To Help
Though taxes are generally considered a burden, the Logan County Assessor’s Office has a staff of professionals who are committed to making your experience with this office as pleasant as possible. They are versed in explaining the process of ad-valorem taxation and how it applies to the property you own. They also work to provide awareness of any tax exemptions you may qualify for which will save you money.
Our field appraiser team is also trained in “ad-valorem” property assessment, which means “according to value,” so that each property owner shares an equal and fair part of the tax burden.
Should you have questions about your tax assessment, exemptions, or a general inquiry, feel free to call, email or drop by our office.
Wayne Murphey, Logan County Assessor