Business Personal Property is all property owned or leased by a business except real property. Business inventory is personal property but is 100% exempt from taxation. Business personal property and fixtures are valued annually as of January 1st, lien date.
Examples of business personal property include all supplies, equipment and any fixtures used in the operation of a business.
The California Constitution states in part, "Unless otherwise provided by the Constitution of the laws of the United States. (a) All property is taxable..." That means unless otherwise exempted, tangible personal property owned, claimed, possessed, or controlled in the conduct of a profession, trade, or business may be subject to property taxes, as well as privately or business-owned boats and aircrafts.