Simpson v. Department of Revenue

We are asked to decide whether certain items of personal property owned by plaintiff taxpayer are exempt from personal property taxation.

ORS 307.400(2)1 provides an exemption from ad valorem taxation for property that is inventory of a business. For purposes of this exemption, subsection (3) provides that “inventory” includes, among other things:

“(f) Items of tangible personal property described as materials, supplies, containers, goods in process, finished goods and other personal property owned by or in possession of the taxpayer, that are or will become part of the stock in trade of the…