Usually, it is not prorated in escrow during purchase, nor is it paid by the lender through an impound account. Prior to the issuance of the supplemental tax bill, a notice of supplemental assessment will be mailed to the owner at the address of record. The owner has the right to file an application appealing the value or the reappraisal decision within 60 days of the date of the notice. Unlike real property, business property is appraised annually. All business owners must file a property statement each year detailing costs of all supplies, equipment and fixtures at each location.
Business inventory is exempt from taxation.
Boats and Airplanes Boats and airplanes are taxable and subject to annual appraisal. Their value is determined by reviewing the purchase price and the sales of comparable boats and airplanes. Information on their location and ownership is obtained from the Department of Motor Vehicles, the U.S. Coast Guard, Federal Aeronautics Administration and on-site inspections. As with real property, the assessed value of mobile homes is subject to the limitations of Proposition 13. Notices are mailed to the property owner's address as shown in the Assessor's records.