Freeport Exemptions

Oklahoma’s “Freeport Exemption” refers to the Oklahoma Constitutional provision contained in Oklahoma Constitution Article 10, Section 6A relating to property moving through the state and exempt from taxation goods, wares and merchandise held for assembly, storage, manufacturing, processing or fabricating purposes if not for more than nine (9) months.

OTC Form 901-F must be filed between January 1- March 15

Freeport Exemptions may be added two ways.

1. In the Assessment File the same way user would add a Homestead Exemption
2. In the Personal Property Appraisal File Schedule Info File

From the Assessment File

CLICK Edit Button to enter edit mode
CLICK Down arrow under ExCode
CHOOSE code from list

INPUT Active and Inactive years
INPUT actual exemption amount (Total Inventory X YOUR County’s Assessment Percentage = Total Exemption Amount)
Example: If total inventory amount is $40,000, and your county’s assessment percentage is 11%, ENTER $4400.
TAB through
SAVE changes

From the Appraisal File Schedule Info Tab

CLICK Edit Button to enter edit mode
INPUT Total inventory amount
Example: If total inventory amount is $40,000, enter 40000. LandMark will automatically figure YOUR county’s assessment level.
INPUT year
INPUT Total inventory amount
TAB through
SAVE changes

Update Appraisal Values in the Assessment File
CLICK Edit — Update Assessed Values
(Make sure the Include Penalty/Freeport box is checked.)
CLICK Continue

The exemption value should read over from the appraisal side.

When clearing annual filing info (Tools — Clear Annual Filing Info) there is an option to clear the freeport data. This will clear the freeport information and inventory amount on the schedule info tab.