The late filing penalty is $50.00 or 15 percent of the taxes due, whichever is less. If the owner of taxable business personal property fails to file a schedule, state law dictates that the property valuation should be based on the best information available. A best information available (BIA) value is calculated from aggregated asset lists provided by similar businesses. In addition, the Assessor may add a penalty of up to 25 percent of assessed value of the undeclared omitted property.