While the deadline to file business property statements is Wednesday, Los Angeles County Assessor Jeff Prang reminded entrepreneurs to file their business property statement before a final deadline of May 7 to avoid penalties.
Prang announced Monday that he will host a webinar on April 15 from 11 a.m. to noon to help business owners understand the form, known as a 571-L, answer any questions about it and to file the paperwork.
The webinar is expected to provide answers to many common questions regarding the business statements, which provide a basis for determining property tax assessments for business equipment and related fixtures.
Questions include why business owners receive the forms in the first place, whether a business must file a 571-L, and step-by-step instructions on how to fill out the form.
More information on the webinar is available at assessor.lacounty.gov/news-information/events.
The Assessor’s Office mails the forms to most commercial, industrial and professional firms in Los Angeles County.
Businesses with personal business property with an aggregate cost of $100,000 or more must file a statement each year by April 1. This is required by state law. The state does allow a business until May 7 to file, but after that a 10% penalty will be applied.
Some businesses with total business property that cost less than $100,000 are not required to file a statement annually. Business property can include but not be limited to machinery, computers, equipment, fax machines, photocopiers, telephones, furniture and supplies.
Instead, a value may be established based on an initial filing or by an on-site appraisal. That value may be adjusted by subsequent annual on-site appraisals.
If businesses receive a form by mail, they are required by law to return the form regardless of the amount of personal property, according to the Assessor’s Office.
The webinar will also have subject-matter experts offering instructions in several languages such as English, Chinese, Spanish, Farsi, Russian and Armenian.