Examples of reportable property
Some of the property that must be reported includes:
- Computers, printers, servers
- Copiers and fax machines
- Office furniture
- Restaurant Equipment
- Storage Tanks
- Video Equipment
Reporting Your Own Personal Equipment
If you are using any personal equipment in your business, it must be reported. For example, persons working out of their homes must report personal desks, computers, calculators and etc., if those items are used in their business. Other examples include:
- Example 1:
- Someone operating an auto repair shop is using their own "personal" tools in the business. In this case, such tools become assessable as business personal property and must be reported.
- Example 2:
- A home business or auto repair shop goes out of business prior to January 1. In this case, any equipment previously used in the business that could revert back to "personal" use is no longer taxable. Such items become nontaxable because they can revert to being "Household Furnishings or Personal Effects," which are exempt.
- Example 3:
- A grocery store goes out of business prior to January 1st but equipment such as freezer boxes and store shelving remains in the building on that date. In this case, such items would still be taxable and must be reported even though the business was closed on the Lien Date. That is because in this case, the equipment could not revert to or be used as "Household Furnishings or Personal Effects".
Reporting Your Home Business
Any equipment used for a home business is considered to be business personal property and must be reported on the Business Property Statement.
Reporting Equipment That has Been Gifted or Given to you
Where the equipment you use in your business was acquired as a gift, you may report your estimate of its current market value on the Business Property Statement (that is, what you think it would sell for in the open market place). Enter that estimated value in the most current year's cost line and add a note indicating that the entry is an estimate.
Reporting Equipment Owned by Someone Else
The Business Property Statement must show all taxable property owned, claimed, possessed, controlled or managed by the person filing the form. If you are responsible for paying the tax on the equipment, then you may estimate its value and report it on the Business Property Statement.
On the other hand, if you are not responsible for its tax, then you should declare the equipment in Part III of the Business Property Statement (Equipment belonging to others). Where equipment is declared in Part III of the Business Property Statement, the Assessor will also send a Notice to File to the person reported as the equipment's actual owner.
Reporting Equipment and/or Furnishings Belonging to Your Landlord
In this case, you need to write a remark about that circumstance on the Business Property Statement, or on an attachment to it. Also fill out Part III (Equipment Belonging To Others) of the form. If you own any small equipment, such as a printer, copier, etc., that you are using in the business, you should report these costs under Part II of the Business Property Statement and also Schedule A.
Renting Space for Your Business (such as a hairdresser)
Note these facts on the Business Property Statement, or on an attachment to it, and include the name and address of the business that actually owns the equipment. You also need to report any equipment you might own in Part II of the Business Property Statement.
Reporting Leased Equipment
You are required to report this information in Part III of the Business Property Statement so that the Assessor can properly locate and assess the actual owner for the equipment.
Filing When There Has Been No Change from the Prior Year
You must report personal property holdings in detail and as requested or mandated. If nothing has changed from the prior year (no equipment was purchased or sold), then you may refer to your prior year's Business Property Statement filing in order to be consistent in completing the current Business Property Statement. If you failed to keep a copy of the prior year's filing, you may request a copy of it from the Assessor's Office.
Reporting Just Current Acquisitions
You must report all business personal property that you own, control, or possess as of the lien date.