Basis for Assessment
Article XIII section one of California constitution states that unless otherwise exempted as provided by the state constitution, all property is taxable.
Personal property, unlike real property, is not subject to the restrictions of proposition 13 and is instead assessed each year at its full market value as of the lien date (January 1). The tax rate of both personal and real property at the same location is the same.
Tangible property owned, claimed, possessed or controlled in the conduct of a profession, trade or business may be subject to property taxes.
Business property is valued annually as of January l.
We use state guidelines and procedures to value taxable personal property. Our goal, as directed by our Assessor, is to be fair in the application of the tax law to the public and our business community.
Generally, we use the cost approach to value personal property and depreciable fixtures. this approach requires the use of the original cost and original acquisition date of the assets. To arrive at fair market value, we apply state recommended factors to costs reported by year and class. If necessary, this value is compared with the analysis of values obtained by use of other value procedures like income approach and comparable sales.
Business Personal Property Includes, But Is Not Limited To The Following:
- • Machinery And Equipment
- • Office Equipment
- • Supplies
- • Computers
- • Fixtures
- • Other
- April 3, 2017
- May 8, 2017 Last day to file without penalty.
Business Property Statement (BPS)
Business personal property is reported to the assessor annually on a form known as business property statement (BPS) Form 571. Any business owner to whom the assessor sends a written request to file must complete and sign a business property statement that lists the cost of improvements, fixtures, supplies and all business property at each location in our county as of (January 1).
Requirements And Penalties
Any taxpayer owning business property with a cost exceeding $100,000 is required to file a business property statement whether or not the assessor requests they do. If is not submitted tymely, a penalty based on RTC-463 – (10%) will be applied to the original assessment. If you are required to file and you do not respond to our request for information, the assessor is authorized by RTC 501 to estimate the value of property; generally , the use of RTC 501- ( best estimated value) requires a penalty based on RTC 463 - ( 10% penalty).
If you do not receive a business property statement in the mail, online fillable PDF forms are available at: Business Property Statements Form Section. If you have questions, please contact the Assessor’s Business Property section at: (442) 265-8805 ( 8:00am -5pm). or by fax at (442) 265-8030 or email at: BussinesProperty@co.imperial.ca.us
If you need a form please visit our Business Property Statements Forms Section.