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All but for 12 states charge tax on the value of assets held by a business. This is an annual tax on computers, furniture, equipment, and other “personal property” that the business owns, and in certain cases “personal property” that the business uses.

In CA, the county assessor visits a business to eyeball the assets, to give them a value. If they deem the assets to be worth less than $100,000, then the business just gets a bill for something under $100. The amount is based on the assessment of the assets. This bill may be reduced by appealing the assessment.

If the business total assets are over $100,000, then an annual form must be filed before the assessment is made. We can prepare this form for you.

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