Tangible property owned, claimed, possessed or controlled in the conduct of a profession, trade or business may be subject to property taxes.
In general, Business Personal Property is all property owned or leased by a business except:
Real Property (land, buildings and other improvements), and
Business Inventory (items held for sale)
Business Personal Property includes, but is not limited to:
Desks & Chairs
Business Personal Property is valued annually as of January 1.
Business Property Statement (571-L Forms)
Businesses are required by law to file an annual Business Property Statement if their aggregate cost of business personal property exceeds $100,000, 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 confidential documents and are held secret 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
In 2001, the California Assessors' Association adopted a standardized leased equipment reporting format leasing companies can file with their annual Business Property Statement. Click here to download the Excel file.
Frequently Asked Questions
State of California Publications
The California State Board of Equalization publishes a series of Assessors' Handbooks to provide guidance to local Assessors.
Click here to view the Assessment of Personal Property and Fixtures (AH 504) handbook.