How is Business Personal Property appraised?
Unlike real property, business personal property is reappraised annually. The owners of all businesses must file a property statement each year detailing costs of all supplies, equipment, fixtures and real estate (if any) at each location. Although you may no longer own the business, you are required to complete the business property statement and advise the Assessor of the new owner. If you owned the equipment on January 1, it is assessable to you. (Business inventory is exempt from taxation.) If equipment is out on lease or rent on January 1, it is reportable and assessable. If you receive a property statement from the Assessor and/or have over a $100,000 cost in your equipment and/or supplies, you are required by law to file a property statement. If you forward a duplicate copy of your property statement along with a self-addressed, stamped envelope, we will indicate the values from your statement and return it to you.
