"businesses with personal property and fixtures that cost less than $100,000 are not required to file a Business Property Statement annually. Instead, a value is established based on an initial Business Property Statement filing or by an on-site appraisal. That value may be adjusted by subsequent annual on-site appraisals."
You pay this amount annually so long as you didn't buy anything new. They can show-up and do an on-site appraisal and get you if you under reported.
https://assessor.lacounty.gov/personal-property-assessments-...
From the page:
"businesses with personal property and fixtures that cost less than $100,000 are not required to file a Business Property Statement annually. Instead, a value is established based on an initial Business Property Statement filing or by an on-site appraisal. That value may be adjusted by subsequent annual on-site appraisals."
You pay this amount annually so long as you didn't buy anything new. They can show-up and do an on-site appraisal and get you if you under reported.