Unlike Real Property, Business Personal Property is not subject to the California's Proposition 13, but is instead assessed each year at its value on the January 1 lien date.
Each year, the Assessor mails Property Statements to most commercial, industrial, and professional firms. Property statements provide a basis for determining property assessments for fixtures, equipment and taxable personal property. Businesses with personal property and fixtures costing in excess of $100,000 must file a Business Property Statement. Statements are due each year by April 1, and a 10% penalty applies for statements received after May 7*.
What is Business Personal Property?
Business Personal Property Includes, but is not limited to:
Business inventory is exempt from taxation.
*Penalty deadline is extended to the next workday if May 7 falls on a weekend.
Under California law, boats and aircraft are considered taxable personal property, though aircraft of historical significance, meeting certain criteria and made available for public display, may be exempt.
For information about boat and aircraft valuation, call (661) 868-3310.