Assessor Advises Businesses to Submit Business Property Statement to Prevent Penalties

Business owners in Nevada County have until May 7, 2024 to submit their Business Property Statement to the Assessor’s Office. The filing period is open from January 1 through April 1, and failure to do so can result in a 10% penalty. The statement can be filed electronically or by using a paper form.

If you receive a notice to file letter from the Assessor, you are required by law to either eFile your statement or complete, sign, and return a paper statement to the Assessor’s Office. Additionally, any business that owns Personal Property and/or Fixtures totaling $100,000 or more must file a Business Property Statement, regardless of whether the Assessor requests it.

For those who prefer to file a paper statement, they can download the form through the e-filing web portal after receiving a notice to file letter. All information, including prior year costs, must be entered on the form annually. Paper forms must be completed, signed, and postmarked or delivered by the May 7 deadline to avoid a penalty. Paper Business Property Statements can be downloaded from Cal Assessor eForms by searching for “571-L”.

Those who opt for electronic filing will save time and resources as it automatically carries forward prior year acquisition cost information. It also provides confirmation that the Business Property Statement has been successfully filed. To use the eFile system

By Aiden Johnson

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