Business
Business Property Statement modernize the County’s “Low Value Ordinance” (LVO)
| L.A. County Office of Assessor Business Property Statement modernize the County’s “Low Value Ordinance” (LVO) |
| The L A County Assessor, Jeff Prang is pleased to share that the LA County Board of Supervisors unanimously approved a measure that will provide meaningful relief to small businesses across the county. This update raises the “Low Value Ordinance” (LVO) threshold the minimum value of business personal property subject to taxation from $5,000 to $10,000, effective July 1st. This means approximately 43,000 small businesses will no longer be required to file a Business Property Statement (Form 571-L) or pay taxes on lower-valued equipment, furniture, and fixtures. This change also improves government efficiency: it currently costs the County roughly $174 to process a $5,000 assessment that generates only ~$50 in tax revenue, meaning administrative costs often exceed the public benefit. We’d welcome your partnership in communicating this update to fellow business owners so everyone can |
