Tue. Jun 25th, 2024
Assessor Encourages Businesses to Submit Business Property Statement to Prevent Penalties

In Nevada County, Business owners have less than five weeks left to file their Business Property Statement with the Assessor’s Office. The filing period is open from January 1 through April 1, with May 7, 2024, being the last day to file without a 10% penalty.

There are two options for businesses to file their Business Property Statements (BOE 571-L): electronically or by filling out a paper form. Businesses who receive a notice to file letter from the Assessor are required by law to either eFile their statement or complete, sign, and return a paper statement to the Assessor’s Office. Additionally, any business that owns Personal Property and/or Fixtures with a total combined cost of $100,000 or more must file a Business Property Statement even if not requested by the Assessor.

Notice to file letters were sent out in late January with the necessary information for electronic filing. One of the benefits of electronic filing is that once a business enters prior year acquisition cost information into the system, it will automatically carry forward each year, saving time and resources. Businesses who file electronically will receive confirmation that their Business Property Statement has been successfully filed.

For those choosing to file a paper statement, businesses can download a paper Business Property Statement through the e-filing web portal if they have received a notice to file letter. It is important to note that all information, including prior year costs, will need to be entered on the form each year. Paper forms must be filled out, signed

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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