YES, if you receive a Business Property Statement (Form 571-L) or a request to file a Business Property Statement you must file. If you have an aggregate cost of taxable personal property over $100,000 you are required to file a Business Property Statement. The Assessor does not have to make the request for you to file. R & T 441
Failure to file your property statement will result in the Assessor making an Assessor Estimate of value for your property and a 10% penalty for failure to file. R & T 501 & 463