How to Prepare Your Annual Business Property Statement

Many local and state government agencies require that you file an annual business property statement. This statement shows the total original cost of all acquisitions for each year. In addition to year of acquisition, these costs are filtered by the taxing authority (city, county) and grouped by asset type (machinery, computers, furniture, etc.). Here is a sample of the basic format:

This statement can be run for each of the required taxing authorities. For instance, you could set a filter to select only the assets in a particular city or county. You could then repeat this process for any other taxing authorities to get the associated totals.

Preparing an annual property statement doesn’t have to be complicated. In Bassets eDepreciation you can select the key columns:

  • Taxing Authority
  • Acquisition Date
  • Asset Type (or General Ledger code)
  • Purchase Price

These values can then be easily exported to an Excel spreadsheet to be summarized using the year of acquisition. Alternatively, you could define a two level sort definition (acquisition date, asset type) to group and total the cost in a report. It would then just be a matter of running the report with a filter set for each of your different taxing authorities. Either way, we can assist you in preparing the necessary information for your annual business property statements.

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