How to file your Form 571-L / Business Property Statement (BPS)

What is a Form 571L Business Property Statement (BPS)

• A property tax form that is required for declaring business personal property (assets owned) as of 12:01 a.m. January 1st (Lien date)
• This is an annual filing that is required in each of the California counties where your business(es) is located.
• The 571L (BPS) form is used to declare cost information regarding supplies
• Business equipment and leasehold improvements for each business location.   (The cost information the business owner provides is used to assess and tax property in accordance with California state law)

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What is the "lien date" for property tax purposes?

• January 1st of every year
• Lien date is the date on which property becomes assessable
• The date property taxes for become a lien against a business property owner

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Who must file a BPS?

• Anyone who was sent a form by the Assessor's Office.
• Any business that owns business property (supplies, business equipment and leasehold improvements) having a total combined cost of $100,000 or more is required to file the form even if the Assessor does not request that you file one.

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What is business personal property?

All property used in the course of doing business that is not otherwise exempt.
Examples: (not limited to this list)

• Computers
• Manufacturing Equipment
• Office Furniture
• Copiers
• Fax Machines
• Lab Equipment
• Video Equipment
• Printing Equipment
• Shop Equipment
• Restaurant Equipment

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What equipment is not taxable or exempt?

• Business Inventory (equipment held for sale or rent)
• Application Software (examples: Microsoft Excel, Word)
• Licensed Vehicles (DMV licensed vehicles)

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What is the deadline for filing the BPS?

• The form is due on April 1st.
• The form is considered delinquent if filed in person after 5 p.m. on May 7th. (If mailed, the form must be postmarked May 7th) If May 7th falls on a weekend or a holiday, then the form is due by 5 p.m.on the next business day.

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Books and records you will need to file your BPS:

• California State Tax Returns
• Balance Sheet or General Ledger
• Fixed Asset Listing or Depreciation Schedule
• Income Statement or Profit & Loss Statement
• Purchase price of equipment (if purchased an existing business)

NOTE: Use records as of 12/31 of the year immediately preceding the filing year. For example, if filing a 2008 BPS, use records as of 12/31/07.