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Assessor Advises Businesses to Submit Business Property Statement to Prevent Penalties

Nevada County business owners have just over a month left to submit their Business Property Statement to the Assessor’s Office. The deadline for filing is May 7, 2024, and failure to do so could result in a 10% penalty. Business Property Statements can be submitted electronically or using a paper form.

If you receive a Notice to File letter from the Assessor, you are legally required to either eFile your statement or complete and return a paper statement by the deadline. Additionally, any business that owns Personal Property and/or Fixtures totaling $100,000 or more must file a Business Property Statement, regardless of whether the Assessor requests it.

To take advantage of the eFile system, businesses can save time and resources by carrying forward prior year acquisition cost information automatically. This system also provides confirmation that the Business Property Statement has been successfully filed. If you prefer to file a paper statement, you can download the form through the e-filing web portal after receiving a Notice to File letter. All information must be entered on the form annually, including prior year costs. Paper forms must be completed, signed, postmarked or delivered by May 7 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 Samantha Jones

As a dedicated content writer at newsaca.com, I bring a unique blend of creativity and precision to my work. With a passion for storytelling and a keen eye for detail, I strive to craft engaging and informative articles that captivate our readers. From breaking news to thought-provoking features, I am committed to delivering content that resonates with our audience and keeps them coming back for more. Join me on this exciting journey as we explore the ever-evolving world of news and information together.

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