The final Business Property Statement deadline is approaching fast, with payments need by May 7 to avoid penalties.

The Business Property Statement provides a basis for determining property tax assessments for business equipment and related fixtures. The Assessor’s Office mails the forms to most commercial, industrial and professional firms in Los Angeles County.

Business property includes, but is not limited to, machinery, computers, equipment (e.g. FAX machines, photocopiers), telephones, furniture (e.g. desks, chairs, bookcases) and supplies.

Please remember that businesses with personal property and fixtures with an aggregate cost of $100,000 or more must file an annual Business Property Statement by April 1. This is required by state law.

However, May 7 is the final date to file. After that, a 10% penalty will be applied. Business inventory is exempt from taxation.

Generally, businesses with property and fixtures with a cost of less than $100,000, unless requested by the Assessor, are not required to file a statement annually. Instead, a value may be 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. Please note that if the Assessor’s Office mails you a form, you are required by law to return the form regardless of the amount of business property.

Assessor Prang also hosted a webinar on March 28 where subject-matter experts helped businesses file the required Business Property Statement form.

The webinar will be made available on the Assessor’s website. You can access this webinar as well as others by going to the webpage.