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.
For more information, call 1.213.974.3211; 1.888.807.2111 toll free; or visit the Assessor’s district office nearest you.
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:
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.
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: