Business Personal Property Tax Appeal

Let's start out with a simple explanation of what is meant by business personal property and then we can get to the heart of the topic of the article. When you hear business personal property you want to think in terms of anything that is not affixed to the ground or building or associated with the land for which the business resides on. The means furniture, office supplies, office equipment used to carry out company business. This also includes any and all vehicles and machinery used in the manufacturing of products sold by the business.

We offer a free evaluation of your assessed property tax, call us now at 877-788-2937 to get started.

Each year Business Property Statements (571-L Forms), which provide the basis for determining property assessments for fixtures and equipment, are mailed by the Assessor office to most companies; commercial, industrial, and professional firms. Businesses with personal property and fixtures that cost $100,000 or more must file a Business Property Statement each year by April 1. Business inventory is exempt from taxation.

Generally, businesses personal property and fixtures that cost less than $100,000 are not required to file a Business Property Statement annually. Instead, a value is 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.

Business Personal Property Tax Valuation and Tax Bill

Just like with other types of property taxes, all of the items are to be accurately accounted for and then taxes are assessed based on the valuation of the personal property owned by the business. Once the total value of all of the company's property, the amount of taxes that are owed is then determined by the assessor’s office and a payment would be requested for the total amount of Business Personal Property Tax that is owned by the company.

It can take an excruciatingly long time before a business finds out exactly how much money they owe for all of the personal property owned and this can make any desire on the behalf of the business to appeal the valuation of the property a risky proposition. The limited amount of time that is allowed for an appeal can vary depending on the jurisdiction and or assessor’s office.

We offer a free evaluation of your assessed property tax, call us now at 877-788-2937 to get started.

Appealing the property valuation and tax amount

After a business receives the tax bill that it is being required to pay for the all of its business personal property owned by the business there is only a very small window in which to challenge or appeal the valuation of the property listed by the company. One of the big reasons why it can be challenging is because the clock starts on the 30 days that a business is given to file an appeal on the date the statement was prepared and not from the date it was received.

So the amount of time a business actually has to file an official appeal of the valuation of all of the personal property can be very limited depending on the amount of time it takes to get the tax payment letter to the desk of the person responsible for ensuring compliance with the tax bill. It is very important to leave yourself plenty of time to go over the tax bill to ensure that in the event that you are planning on filing an appeal that you don't go beyond the 30 days from the statement date and not the date you received it.

Is it really worth appealing to valuation?

Before you decide to go down the road of appealing the Business Personal Property Tax bill you might want to consider whether or not all of the trouble is really worth it. You need to know that the process can be much more time to consume depending on the complexity of your business and that the time you need to review and prepare an appeal can be costly. So, take time to evaluate the statement and decide if it is worth the appeal or not.

We offer a free evaluation of your assessed business personal property tax, call us now at 877-788-2937 to get started.

Mike Habib’s boutique tax firm represents businesses regarding business personal property tax assessment disputes and appeal throughout California including Whittier, Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Industry, Commerce, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and throughout Los Angeles County, Newport Beach, Irvine, Orange County, Corona, San Bernardino County, Riverside County, the Inland Empire, the San Fernando Valley, Ventura county, and the San Gabriel Valley.

Also business personal property tax representation in various metro areas such as Los Angeles, Whittier, Pasadena, Glendale, Burbank, Orange County, Riverside, Palm Springs, San Bernardino, Palmdale, Bakersfield, New York, New Jersey, Chicago, Houston, Phoenix, Philadelphia, San Antonio, San Diego, Dallas, San Jose, Detroit, Jacksonville, Indianapolis, San Francisco, Columbus, Austin, Memphis, Fort Worth, Baltimore, Charlotte, El Paso, Boston, Seattle, Washington DC, Milwaukee, Denver, Louisville, Jefferson, Las Vegas, Reno, Hempstead, Tucson, Nashville, Davidson, Portland, Tucson, Albuquerque, Santa Fe, Anchorage, Atlanta, Long Beach, Fresno, Sacramento, Mesa, Kansas City, Cleveland, Virginia Beach, Omaha, Miami, Oakland, Tulsa, Honolulu, Minneapolis, Pittsburgh, Colorado Springs, Arlington, Wichita, Birmingham, Montgomery, Tampa, Orlando.

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