Property business tax is the amount of money you pay for a building you own and operate as a business. Property business tax falls under municipal jurisdiction. The amount you will pay is determined by combining two figures. The municipality takes the property tax rate and enjoins it to the assessment of the property. The qualified assessor reaches his or her particular figure by looking at different related variables. The assessor considers the actual cost of the building. Next considered is the cost to replace the building, the historical value of the structure. Last looked at is the potential value of the building. The property business tax may undergo assessment annually. It may also not be reassessed for several years. It depends upon the municipality. Annually, however, you must file the proper papers for your business property tax. This will include the business property as well as the contents of the building that relate to the business. In Los Angeles, California, if the small business owner has personal property and fixtures valued at less than $100,000., he or she will not need to file a Business Property Statement. If you have questions consult your local tax assessor or tax board. For further clarification, get in touch with a property tax attorney.