The California Constitution states that "all property is taxable (assessable) unless exempt" by the Constitution or statutes. This taxable property may be defined as real property and personal property.
Business Personal Property includes all supplies, equipment and any fixtures used in the operation of a business. Exempt from reporting are business inventory, application software and licensed vehicles (except Special Equipment (SE) tagged and off-road vehicles). SE tagged and off-road vehicles and equipment are taxable personal property and must be reported.
Boats and aircraft are also taxable and are subject to annual appraisal. Assessed values are determined by reviewing sales of comparable boats and airplanes.
Owners are required to file an annual Business Property Statement with the Assessor reporting details to help in establishing the value of the business, aircraft or boats.
