What is California’s Business Property Statement?

By: Doug Bend

Businesses in California are required to file a business property statement (Form 571-L) with their County Assessor by August 31st of each year if:

(1) the County Assessor’s Office sends the business a notice to file the statement or

(2) The business has taxable business property with a total cost of $100,000 or more.

The business property statement includes details of the cost of the company’s equipment, supplies, improvements and fixtures.

We recommend you contact your CPA if you need help filing the business property statement. 

If you are not already working with a great CPA, please contact us at info@bendlawoffice.com and we would be happy to make a recommendation.

Disclaimer: This article discusses general legal issues and developments. Such materials are for informational purposes only and may not reflect the most current law in your jurisdiction. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. No reader should act or refrain from acting on the basis of any information presented herein without seeking the advice of counsel in the relevant jurisdiction.  Bend Law Group, PC expressly disclaims all liability in respect of any actions taken or not taken based on any contents of this article.