A Business Property Statement is an official request that all assessable business property located in Tulare County that is owned, claimed, possessed, controlled or managed on January 1 at 12:01 a.m. (known as lien date) be reported to the Assessor.
An annual filing of a Business Property Statement is a requirement of California Revenue and Taxation Code § 441(a) . Business Property Statements gather the most up-to-date information on business property so that an accurate assessment can be determined. Anyone receiving a statement is required to file, as are all owners of taxable personal property with an aggregate cost of greater than $100,000.
If a statement is not returned, an estimated assessment will be made using the best information available. A 10% penalty will be added to the assessment for failure to file as mandated by California Revenue and Taxation Code § 463.
Please sign and return this form to our office on or before April 1. While the statutory deadline is April 1, a 10% penalty is applied if the property statement is not received or postmarked by U.S. mail by May 7 (or the following business day if May 7 lands on a weekend). USPS postmark dates are honored as if the statement were received by the Assessor as of the date of the postmark. This does not apply to postmarks that are pre-stamped by taxpayers using private postage meters, such as Pitney Bowes machines.
You will have to resubmit or file a new statement with all the preprinted identification that was on the initial statement. Please indicate this is an “amended copy” of the statement that was submitted previously. You may email the Business Division at AssessorBPP@tularecounty.ca.gov and ask for another statement, if necessary. Signed statements that were initially filed on time may be amended without penalty until May 31. Please note when omissions are discovered by our office, we are required by law to assess the property from the date of acquisition, which can result in the issuance of escape assessments (i.e., back taxes) for up to four years.
With the approval of the Board of Supervisors, the Assessor's Office has enacted a low-value ordinance that cancels property tax bills of $100 or less (i.e., a total assessed value of $10,000 or less) when it was determined that the cost of assessing and issuing low-value tax bills was greater than the income they generate. Although we try not to send out property statements to owners when the total assessed value is less than $10,000, you are still required to file a statement by April 1 if you received one from our office.
The Assessor needs to know when the business closed and what happened to the equipment in order to close the assessment. If the equipment was sold prior to the Jan. 1 lien date, then you would report this on the form and attach copies of any supporting documentation (if applicable). Please attach to the statement copies of any documentation showing the date of disposal for assets disposed of prior to Jan. 1. Examples of acceptable documents include purchase agreements signed by both parties, depreciation schedules showing assets as disposed, and lease termination agreements. Per state requirements, business property not in use but owned by the taxpayer on Jan. 1 at 12:01 a.m. is still assessable and should be reported on the statement unless relocated to a different county.
Yes. All true leases, capitalized leases and lease-to-purchase assets that have not been paid off by the Jan. 1 lien date should be reported on the property statement. They are to be reported in Part III of the property statement which can be found on the front page. Currently leased or financed equipment should be reported in Part III to avoid double assessment
Please do not report inventory currently for sale or lease, licensed vehicles, or computer software programs.
Yes, the filing laws that apply to businesses also apply to non-profit organizations. Non-profit organizations may qualify for exemptions. Exemption forms can be requested from the Assessor’s exemption department by calling (559) 636-5100.
Yes. Any equipment used for business purposes is taxable as business personal property. However, assessments of $10,000 or less are exempt from receiving tax bills due to the County’s low-value ordinance. Although we try not to send out property statements to owners when the total assessed value is less than $10,000, you are still required to file a statement by April 1 if you receive one from our office.
If you have any questions, please call (559) 636-5159 or send your questions by email to AssessorBPP@TulareCounty.CA.Gov
