Personal Property Assessments
Each year Business Property Statements, 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.
You can mail your Business Personal Property Statement (571-L) form to your closest Assessor Office Location. Find your closest district office by entering your business address in the Assessor Portal.
What is Business Personal Property?
In general, 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.
Business Property Statement
- Businesses are required by law to file a Business Property Statement if the aggregate cost of business personal property is $100,000 or more or if the Assessor requests the information
- Separate filings are required for each business location
- Statements are due April 1
- A 10% penalty will be applied if a statement is received after May 7
- Business Property Statements are private documents and are held confidential by the Assessor
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