Business Personal Property Assessments
Thanks for coming to our site to find information about Business Personal Property Assessments. Hopefully you will find the information you are seeking about Business Personal Property taxes. While we don’t represent clients for Personal Property Tax Appeal. We do represent clients for Real Property Tax Assessment Appeals (Real Estate).
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Business Personal Property Assessments
What is Business Personal Property?
Generally speaking, Business Personal Property is all property owned or leased by a business except Real Property and Inventory items.
Business Personal Property includes, but is not limited to:
Equipment (e.g. FAX machines, photocopiers)
Furniture (e.g. desks, chairs, bookcases)
Tangible property owned, claimed, possessed or controlled in the conduct of a profession, trade or business may be subject to property taxes.
Business Personal Property is valued annually as of January 1.
Each year Business Property Statements (571-L Forms), which provide a basis for determining property assessments for fixtures and equipment, are mailed by the Assessor to most commercial, industrial, and professional firms.
Businesses with personal property and fixtures that cost $100,000 or more must file a Business Property Statement each year by April 1. Business inventory is exempt from taxation.
Generally, businesses with personal property and fixtures that cost less than $100,000 are not required to file a Business Property Statement annually. Instead, a value is established based on an initial Business Property Statement filing or by an on-site appraisal. That value may be adjusted by subsequent annual on-site appraisals.
Taxation of Personal Property
Tangible personal property is taxable where it has established “permanent situs” (location), regardless of where the owner lives. The only exception is personal property belonging to members of the armed services who are on active service in California and who have permanent residence outside of California. Some types of personal property do not have a fixed location and are movable, for example, copy machines. As a result, determining permanent situs depends on a number of factors including the type of property, the way the property is typically used, and where the property owner lives.
Both the Lessor and the Lessee should report equipment that is on lease on January 1 to the Assessor. Not all leased equipment is assessed in the same manner. Several factors determine how leased equipment is assessed, including:
- Leases with exempt entities
- Situs (Street Address)
- Type of Lease
Business Personal Property Assessments FAQs