Personal Property Document With Replacement Cost In Oakland
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Machinery, equipment, tools, furniture, fixtures, and leasehold improvements held or used in connection with a trade or business are taxable. In addition, most boats, aircraft and mobile homes are also taxable. Supplies on hand, demonstration equipment, and construction in-progress are also assessable.
1. Senior Citizen Homeowners' Property Tax Exemption. The Senior Citizen Homeowners' Property Tax Exemption is available to homeowners who are at least 65 years old and meet certain income requirements.
Base Year Value Transfer for Homeowners Age 55 Years or Older (Proposition 60 & 90) Proposition 60 was a constitutional amendment approved by the voters of California in 1986 and is applicable to owners who transfer the base value between properties located within the same county.
You must report all business assets, including all fully depreciated assets and/or expensed assets. Do not report licensed vehicles, computer application software, and goods held for sale, rent, or lease (i.e., inventory).
Prop 60 & 90 is a “One Time” Benefit: Generally, persons who are age 55 and older or are severely and permanently disabled are permitted to transfer their base year value only once.
Exemptions are available for Alameda property owners who are 65 years or older or who receive SSI/SSDI payments.
60 allows the transfer of base-year property values within the same county. Prop. 90 allows transfers from one California County to another.
Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes.
The Form 571L or 571A constitutes an official request that you declare all assessable business property situated in this county which you owned, claimed, possessed, controlled or managed on the tax lien date. The form is approved by the State Board of Equalization (BOE) but forms are administered by the county.
Business personal property is all property owned or leased by a business except real property. Business inventory is personal property but is 100 percent exempt from taxation.