Personal Property Vs Business Property In Contra Costa
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California's property tax rate is 1% of assessed value (also applies to real property) plus any bonded indebtedness voted in by the taxpayers.
Business Personal Property Tax is a tax assessed on tangible personal property businesses own. This type of property includes equipment, furniture, computers, machinery, and inventory, among other items not permanently attached to a building or land.
In general, business personal property is all property owned, possessed, controlled, or leased by a business except real property and inventory items. Business personal property includes, but is not limited to: Machinery. Computers. Equipment (e.g. FAX machines, photocopiers)
Personal property is distinguished from real property in that it is usually movable and not permanently affixed as are land, buildings, and vines.
An annual filing of a Business Property Statement is a requirement of section 441(d) of the California Revenue and Taxation Code.
Business personal property (BPP) insurance covers the equipment, furniture, fixtures and inventory that you own, use or rent inside your workspace. Basically, it covers almost everything except the building itself.
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).
