Agricultural Business Personal Property is property owned or leased by a business. This does not include real property, which is separately assessed. Business inventory is considered personal property, but it is 100% exempt from taxation. Business Personal Property and fixtures are valued annually as of the January 1st lien date.
Examples of business personal property include all supplies, equipment and fixtures used in the operation of a business.
The California Constitution states in part, "Unless otherwise provided by the Constitution or the laws of the United States, All property is taxable..." That means that, 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 aircraft.