Tuesday, February 7, 2012
Unlike real property, Business Personal Property is not subject to the restrictions of Proposition 13 and is instead assessed each year at its full market value as of the lien date (January 1). Although assessed differently, the tax rate for both personal and real property at the same location is the same.
Business Personal Property is reported to the Assessor annually on a form known as the Business Personal Property Statement Form 571 or BPS. Any business owner to whom the Assessor sends a written request to do so must complete, sign and file a Business Property Statement that lists the cost of supplies, equipment, and fixtures at each business location as of the lien date (January 1). Additionally, anyone owning business personal property with a cost exceeding $100,000 must also annually file a Business Property Statement whether or not the Assessor requests they do.
Privately and commercially-owned boats and aircraft are also subject to personal property taxes. On the other hand, certain types of personal property are exempt from property tax and among these types are: household personal effects, business inventories, and licensed vehicles (i.e., those paying an in-lieu property tax as part of their registration fee).
If you do not receive a Business Personal Statement between January 1 and March 1, or have other questions, please contact the Assessor's Personal Property Division at (916) 875-0730 (9am-4pm), or by fax at (916) 875-0735.
Click here to open our general Business Personal Property Questions and Answers guidelines.
Click here to open our personal property Boats and Aircraft Questions and Answers guidelines.
Click here to access various Business Personal Property Forms.
Click here to access our Depreciation Factor Tables.
