California Constitution Article XIII and Revenue and Taxation Code section 201 state that all property is taxable unless it is stated that it is exempt. Business personal property is not exempt.
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Sales tax and property tax are two different types of taxes.
Unsecured property is a personal liability of an Assessee, generally the owner of a business, which has not had the tax payment secured by the ownership of real property.
Yes. If you are using the equipment for business purposes, it is reportable, assessable, and taxable as business personal property.
Movable property has situs where it is located on the lien date of January 1 if it has been in the county for more than 6 of the 12 months before the lien date and is expected that it will remain or return to the county for:
If the property does not meet the qualifications, the location of the property is the location where it normally returns or is stored when not in use, such as a construction or rental yard, or the principal place of business of the owner if no such location exists.
Yes. All True Leases, Capitalized Leased Equipment, and Lease to Purchase Option Equipment, where the final payment has not yet been made, are reported in Part III on the front of the property statement, or as an attached listing if more space is required.
Capitalized or Purchase Option Leased Equipment, where the final payment has been made, must be reported in Schedule A at the original cost and original year acquired, not the buyout cost or year the final payment was made.
No. Unsecured bills are never prorated regardless of the disposal date. Proration of taxes should be done between the buyer and seller at the time of sale.
Either the Assessor’s request to file a valid property statement was not received by May 7th, or no statement was received. California Revenue and Taxation Code section 463 mandates that a late filing penalty of 10% of the assessed value be added for statements not timely filed by May 7th. The Assessment Appeals Board is the only authority with the ability to abate a penalty for late filing.
The bill is not for real property such as the land or building. It is for the business personal property and fixtures used in the operation of a business such as:
For additional information on Business Property, please visit the California State Board of Equalization website.
Business property owners must file a Business Property Statement (PDF) each year detailing the acquisition cost of all supplies, equipment, fixtures, and improvements owned at each location within Placer County.