You are required to report the total cost all of your business property unless it is not assessable for property tax purposes. Property that is not assessable, may include inventory (property held for sale or lease to others), licensed vehicles, and certain computer software.
If your 571-L is not filed, this office is required by law to make an "Assessor's Estimate" of the value of your business property. If your 571-L is not timely filed, you will receive a 10% late filing penalty. For a list of important deadlines go to related links below.
Note: Accounts that have filed for a Constitutional Exemption are still required to submit the 571-L.
Read the 571-L form and instructions thoroughly!
SCHEDULE A - COST DETAIL: EQUIPMENT
Report all those business assets used in your business as of January 1, 2021. Business assets include, but are not limited to: Machinery and Equipment, Office Furniture and Equipment, Computers, Tools, Molds, Dies, Jigs, fixtures, and Supplies on Hand. * Cost includes sales tax, freight and installation.
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). Do not report equipment that you leased from others on Schedule A. Conditional sales are not considered to be true leases; equipment acquired under a "conditional sales agreement" should be reported on Schedule A. If you are in the business of renting equipment, such equipment actually out on rent on January 1, 2021, should be reported on one of the categories in Schedule A.
Leased Equipment: Report all leased or rented business assets (assets you do not own) on the front of the Business Property Statement in Part III, Declaration of Property Belonging to Others. Items reported in Part III should not be included in Schedule A.
SCHEDULE B - COST DETAIL: BUILDING IMPROVEMENTS AND/OR LEASEHOLD IMPROVEMENTS, LAND AND LAND IMPROVEMENTS
Renter: If you are renting your business location, trade or process fixtures and the improvements you made to the real property should be reported on Schedule B. Provide detail of all costs reported on Schedule B.
Landlord: If you own the real property, report the costs of the structure, tenant improvements, fixtures, land improvements, land and land development on Schedule B. Provide detail of all costs reported on Schedule B.
NO ADDITIONS OR DISPOSALS
As a convenience to you, and if available from our system, the prior year's assessed costs will be displayed on the schedules. If those costs are correct (i.e., there have been no additions or disposals since January 1, 2020), then go directly to submittal.
Any acquisitions or dispositions from prior year’s assessed costs should be reported for this filing.
Moved, Sold, Purchased, or Closed (either through paper (1) or e-filing (2)):
(1) Filing the moved, sold, purchased, or sold form by paper:
Anytime an individual receives a property statement, like the 571L, from the Assessor and their business is no longer in operation, if filing by paper the person must still sign and return their property statement to the Assessor.
In addition you must inform the Assessor’s Office that your business has moved or closed. The fastest way to inform us is to print and sign the “Moved, Closed, Sold - Supplemental Form.” This one page form should be mailed and enclosed with your signed property statement. Without this information, the Assessor’s Office may continue to assess the property despite its true circumstance.
To access your property statement, you will need to log in, print and sign the statement. You will also need to print out the form titled “Moved, Closed, Sold - Supplemental Form” which can be found on the “Miscellaneous Forms” tab under the subheading “2021 Property Statements” or you may click here. Do not forget to sign and mail both this form and your property statement.
On the supplemental form please remember to fill out the fields that inform our office the date you went out of business, as well as the status and disposition of any equipment owned or used by you at the time the business closed. If any of the property was sold to another person or business, please indicate the buyer's name and address. If any of the property reverted to your own personal use as household personal property, you need to identify that property as well. Please then sign and return the statement to the Assessor's Office.
Note: Where a business has closed but continues to own equipment previously used in the business, it may still be taxable despite the fact the business is closed. A separate Moved, Closed, Sold - Supplemental Form and property statement must be mailed for each location that closed or moved.
(2) E-filing the Moved, Sold, Purchased, Closed form:
If a person is using e-filing for their move, sale, purchase, or closure (hereafter referred to as “event”), then the person must still certify the e-filing by completing the forms presented.
This means that depending on the date of the event, you may still be required to do a full e-filing in addition to the moved, sold, purchased, closed form. As stated, the action of submitting the forms will be completed on the certification page, which will ask one more time for the BIN number. After which a confirmation number will be provided and a PDF of all forms submitted.
Please note that the four types of events can stand alone and the only time more than one should be checked and used is when two or more of them have happened.
Moved: Check this box if the business moved to a new location. Please note that the closed box does not need to be checked, as that is implied by a move.
Sold: The old business owner is the one filling the form out. Selling the business implies that the old owners business account for that location will be closed. We do not need to have the closed box checked.
Purchased: The new business owner is the one filling out the form. Purchasing the business implies that there is a new owner for that location and will trigger closing the old owners account for that location. We do not need to have the closed box checked
Closed: Should be used only when the business closes but does not move to a new location, was not sold to someone else, or was not purchased.
For example a business moves. Checking the moved box is enough.
If a business moves to a new location and then the new location closes without moving or selling to a new person, at that point check the moved box and the closed box.
If you moved, sold, or closed your business after December 31, 2020, you are still required to file for that location. You may still use e-File.
When an electronic submission is made using the BIN (business Identification Number), the Assessor accepts the submittal with the intent and full knowledge that this electronic signature constitutes a valid certification of the submittal.
PLEASE CONTACT US IF YOU HAVE QUESTIONS CONCERNING THIS FORM.