Deadline for Filing Business Property Statements Without Penalty is May 9
Stiff Penalty for Late and Non-Filers
Contact: Mark Church, Assessor-County
Phone: 650.363.4988 Fax: 650.363.1903 E-mail: firstname.lastname@example.org
Alternate: Theresa Rabe, Deputy
Phone: 650.363.1895 E-mail: email@example.com
(Redwood City, CA) In January, more than 15,000 business owners in San Mateo County received their annual 571-L Business Property Statements mailed from the Assessor’s Office. Business Property Statements were due April 1; but more importantly, will be late if the completed and signed statement isn’t filed in person by May 9 at 5 p.m., or if it arrives by mail bearing a postmark later than May 9. The stated deadline is May 7, however, because May 7 falls on a Saturday this year, the deadline for filings is extended by law until the following Monday, which is May 9.
Late filers and non-filers who were in business as of January 1,
2011 will be subject to a 10% late-filing penalty (Revenue &
Taxation Code, Section 463). “Business owners are encouraged to
file their statements on time to avoid these late filing fees,”
said Theresa Rabe, Deputy Assessor-County Clerk-Recorder.
“Usually 90 percent or more of our businesses submit the 571-L statements on time,” said Rabe. “If not, a follow-up with each non-filer is conducted by the Assessor’s Office. Assessments are completed for those still in business, and a late filing fee that amounts to 10% of the assessment is added.”
To help business owners file their 2011 Business Property Statements, property statement forms and valuation factors are available online at www.smcare.org.
“Making government accessible on a 24/7 basis is a priority,” said Mark Church, Assessor-County Clerk-Recorder & Chief Elections Officer for San Mateo County. “We also encourage people to file online via the statewide website, www.calbpsfile.org,” he added.
“We offer blank forms, an instructional manual for filing on paper and online, FAQs and background information that explains the purpose of a Business Property Statement and provides support to businesses that are required to file. Two 571-L Seminars were held this spring as well,” said Rabe. To access these online resources, go to www.smcare.org/assessor/571seminar.asp If a business owner prefers in-person help, they are welcome to come to the Assessor’s Office, located on the first floor at 555 County Center in Redwood City, during regular business hours or call (650) 363-4501 to reach a staff member to get answers and assistance.
About Business Personal Property:
- Business personal property is reappraised annually.
- Businesses with an aggregate cost of $100,000 or more on January 1 are required by law to file a property statement whether the Assessor sends one or not. Similarly, any business, regardless of cost, is required to file at the Assessor’s request.
- A Business Property Statement details the cost of all supplies, equipment, fixtures, leasehold improvements, land improvements, and land, as well as other requested information for each business location.
- Personal property items that must be reported on the Business Property Statements include things like trade equipment, office furniture and fixtures, computers and leasehold improvements.
The press release is displayed in its original format. San Mateo County Assessor-County Clerk-Recorder & Elections website now resides at www.smcacre.org