Assessor Advises Businesses to Submit Business Property Statement to Prevent Penalties

Business owners in Nevada County have only a few weeks left to submit their Business Property Statements to the Assessor’s Office. The deadline for filing is May 7, 2024, and failure to do so may result in a 10% penalty.

Business Property Statements can be filed either electronically or by using a paper form. If you receive a notice to file letter from the Assessor, you are legally obligated to either eFile your statement or complete, sign and return a paper statement. It’s important to note that any business that owns personal property and/or fixtures worth over $100,000 must file a Business Property Statement, regardless of whether the Assessor requests it.

Using the eFile system allows businesses to save time and resources by automatically carrying forward prior year acquisition cost information. This also provides confirmation that the Business Property Statement has been successfully filed. Those who prefer to file a paper statement can download the form through the e-filing web portal after receiving a notice to file letter. All information, including prior year costs, must be entered on the form annually. Paper forms must be completed, signed and postmarked or delivered by May 7th deadline to avoid penalties. Paper Business Property Statements can be downloaded from Cal Assessor eForms by searching for “571-L”.

For more information or assistance with filing, visit the Business Property webpage or contact the Assessor’s Office at business.property@nevadacountyca.gov or 530-265-1259.

By Sophia Gonzalez

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