Business Personal Property

What Is Business Personal Property?

Tangible property owned, claimed, possessed or controlled in the conduct of a profession, trade or business may be subject to property taxes.

In general, Business Personal Property is all property owned or leased by a business except:

  • Real Property (land, buildings and other improvements), and
  • Business Inventory (items held for sale)

Business Personal Property includes, but is not limited to:

Partial list of Business Personal Property
  • Machinery
  • Equipment
  • Furniture
  • Photocopiers
  • Computers
  • Leased Equipment
  • Tools
  • Molds & Dies
  • Supplies

Business Personal Property is valued annually as of January 1.

Business Property Statement (571-L Forms)

  • Businesses are required by law to file an annual Business Property Statement if their aggregate cost of business personal property exceeds $100,000, 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 (the due date is the next business day when date is on a weekend or legal holiday)
  • If you need to file or for more information on how to file, please call (714) 834-2930.
  • Business Property Statements are confidential documents and are held secret by the Assessor.

e-File Your Business Property Statement
(mid-February to June 30)

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

The California Assessors' Association adopted a standardized leased equipment reporting format that leasing companies can file with their annual Business Property Statement.

Frequently Asked Questions


State of California Publications

The California State Board of Equalization publishes a series of Assessors' Handbooks to provide guidance to local Assessors.  View the Assessment of Personal Property and Fixtures (AH 504) handbook.