What is a business personal property appraisal?

Unlike most real property, business personal property is reappraised annually. Assessments are based on reported acquisition years and costs, which are adjusted annually to reflect market value. When statutorily required or otherwise requested, business owners must annually file a Business Property Statement with the Assessor, detailing acquisitions and disposals of equipment in order for the Business Property Division to derive appropriate values. Manufactured Homes, although classified as personal property, are treated, for valuation purposes, in the same manner as real property, and therefore, are not reappraised annually.

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1. What is the State Board of Equalization's responsibility?
2. What are the responsibilities of the Assessor?
3. What are the taxpayer's responsibilities?
4. When do real property appraisals happen?
5. What is a business personal property appraisal?