There are three ways to file the Business Property Statements (571-L)
1. E-Filing your statement via the internet
3. Standard Data Record (SDR).
Below is more information about each of these different methods for filing your property statement.
All businesses that are eligible to e-file or utilize SDR are urged to file using these new technologies as they save time for both the taxpayer and the Assessor’s Office.
As always, you are required to report the total acquisition cost of all your business property unless it is not assessable for property tax purposes, i.e. inventory, licensed vehicles or application software. If your 571-L is not filed, this office is required per California Revenue and Taxation Code Section 501to make an “estimate" of the value of your business property and add a penalty of 10% of the assessed value as required by section 463 of the Revenue and Taxation Code . If your 571-L is not filed timely, a 10% late filing penalty is applicable per Revenue and Taxation Code Section 463.
The due date to file via mail, e-filing, or SDR, remains the same. Business Property Statements are due April 1. NOTE: If Date falls on Saturday, Sunday or Legal Holiday, mail postmarked on the next business day shall be deemed on time.
E-file
Designed for most business owners, E-filing is a free application (no downloading required) that allows businesses to quickly and securely file their Business Property Statement (571-L), via the internet. Last year, over 25,000 businesses e-filed.
Included in E-filing is a special tool to allow you, and your accountant or agent, to review the filing on-line prior to transmission to the Assessor’s office.
While there are exceptions, most companies can participate in the e-filing program.
E-filing enables you to quickly and easily submit your annual 571-L via the Internet using a standard browser. Whether you are at home, in your office, at a public library, or even in the Assessor’s office during business hours, you can file your 571-L, at a convenient time. When you’ve completed the form you’ll receive an immediate, on-line confirmation of your filing. In addition, you’ll have the ability to print a copy for your records. Best of all, there is no cost to participate in the e-filing program!
E-filing replaces the printed submission of the Business Property Statement. If you choose not to use e-filing, you are required to complete and submit the original 571-L statement by the due date. Go to the website below to download your Business Property Statement or call us at the number below if you would like a paper statement mailed.
To begin e-filing, or learn more about e-filing, go to the website below. Please have on hand the demand to file letter mailed to you when you e-file as it contains important information essential for e-filing.
Paper Filing
If you would like to paper file your Business Property Statement, you may do so by visiting our website. Please have available your account information mailed to your business or call us at the number below for this information.
Standard Data Record (SDR)
Designed for businesses with multiple locations in multiple jurisdictions, SDR is a new application developed by a consortium of California Assessors to increase the efficiency of filing property statements.
Typically, these larger taxpayers maintain (or manage the outsourcing of) centralized computer systems for managing assets and filing business property statements in multiple jurisdictions throughout the nation as well as for compliance with the IRS and State Franchise Boards.
As a result of meetings with the California Assessors' Association, the Silicon Valley Leadership Group and the Silicon Valley Tax Directors, the Santa Clara County Assessor's Office has actively participated in the creation of a statewide technical solution to allowing businesses to file by uploading data from their internal, centralized systems to one statewide server rather than the current system of paper submissions to every County. The creation of this statewide system, enables businesses to easily file in multiple jurisdictions. In addition, the Assessors of various jurisdictions will realize significant efficiencies and financial savings through sharing in the development costs that would be prohibitive for an individual county. Plus everyone benefits from increased accuracy.
Filers using SDR will need to submit a predefined XML submission containing a record layout that MUST meet a predefined set of field sequences. In addition, the filer will be required to sign up prior to submission to verify the Assessor Account Number and Location codes assigned by the COUNTY.
Small businesses are welcome to use this new application; however, e-filing is likely an easier alternative. If you choose not to use SDR, you are required to file a completed original Business Property Statement (571-L) by the April 1 due date. If Date falls on Saturday, Sunday or Legal Holiday, mail postmarked on the next business day shall be deemed on time.
For more information or to learn how you can use SDR go to https://www.calbpsfile.org/sdr/default.aspx (To access this page, you will be prompted to leave the County website, select Continue to External Website, as technically you will be accessing a non County website controlled by a different public entity).
Related Articles:
Related Links:
