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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.

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:

Machinery
Computers
Equipment (e.g. FAX machines, photocopiers)
Telephones
Furniture (e.g. desks, chairs, bookcases)
Supplies

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 (571-L Forms)
  • 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
Leased Equipment

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:

  • Assessability
  • Assessee
  • Leases with exempt entities
  • Situs (Street Address)
  • Type of Lease
 
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