Business Personal Property

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. Each person owning taxable personal property, other than a manufactured home subject to Part 13 (commencing with Section 5800), having an aggregate cost of one hundred thousand dollars ($100,000) or more for any assessment year shall file a signed property statement with the assessor. Every person owning personal property that does not require the filing of a property statement or real property shall, upon request of the assessor, file a signed property statement. Failure of the assessor to request or secure the property statement does not render any assessment invalid. Statements are due each year by April 1, and a 10% penalty applies for statements received after May 7.  

Note: Penalty deadline is extended to the next workday if May 7 falls on a weekend.

What is Business Personal Property?

Business Personal Property Includes, but is not limited to:

• Supplies and Construction in Progress
• Machinery/Equipment/Furniture/Fixtures
• Computer Hardware/Components/Operating Systems
• Leased Property

Business inventory is exempt from taxation.

Most property statements can be found at Cal Assessor e-Forms.

Boats & Aircraft

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 boats, aircraft, and/or personal property valuation, call (661) 868-3310 or email businesssupportdept@lfkgw.com.