Business Property

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Why did I receive a Business Property Statement(571-L)?

You were identified as having taxable personal property in San Bernardino County and per the California R & T Code section 441 every person owning taxable personal property must file a business property statement with the County Assessor.

Do I have to file a Business Property Statement?

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

Can I amend a Business Property Statement filing?

Yes, Property Statements are due April 1. If you file a timely property statement you may file an amended property statement by May 31. R & T 441

When it can be ascertained by the Assessor, from an audit of books and records, that there has been a defect of description or clerical error by the tax payer on the filed property statement, the error on the roll may be corrected. R & T 4831.5 There is a four (4) year statute of limitations for making corrections to the assessed value. R & T 532

Does the Assessor prorate taxes between buyer and seller in the event a business is sold?

No, the owner of the property on January 1 (lien date) is the responsible party for the assessment and property taxes. Any arrangement regarding the tax liability must be worked out between the buyer and seller. Any failure to pay the property taxes will be the responsibility of the assessed party on January 1. It is important for the seller to be sure the property taxes are paid.

How does the Assessor arrive at the taxable value for personal property assessments?

For most personal property the Assessor uses the cost reported by the current owner and applies an equipment and fixtures index and percent good valuation factors provided by the State Board of Equalization to arrive at the market value. (AH 581)

Do I have to print a copy?

After completing the e-file, you should print a copy for your records for future reference, but you do not need to print a copy to send to the Assessor. We will receive your e-filing electronically.

I sold this property years ago. Why are you still sending me tax bills?

The Assessor’s Office does not send out tax bills. The bill will come from the Tax Collector for one of two reasons. Either we failed to update our records after a deed transferring real property was recorded, or the property was transferred by means other than a recorded deed and no notification was sent to the Assessor’s office. Personal property (including boats, aircraft, manufactured homes, and business property) is typically not transferred by a deed, so it is imperative that you notify the Assessor as soon as possible after selling it. The same is true for real property transactions in which a deed is not recorded until the buyer has paid the seller in full and/or satisfied any other conditions of the sale. Please visit the Tax Collector’s website for more information: https://www.mytaxcollector.com/