WHO MUST FILE:
Every business owner located in the County of Albemarle owning or renting tangible personal property or machinery and tools used in a business or professional occupation must file a business tangible personal property return every year. If you own a business that is located in the County of Albemarle, but the business does not own or rent tangible personal property you must still file a Business Personal Property Return every year stating that you do not own or rent any personal business property located in Albemarle County.
WHEN TO FILE:
The due date for filing Business Tangible Business Personal Property Tax return is May 1. Late filers will be subject to a 10% late filing penalty in addition to any applicable late payment penalties.
WHERE TO FILE: The completed Business Tangible Business Personal Property Tax return can be mailed to: County of Albemarle, 401 McIntire Rd, Room 133, Charlottesville, VA 22903
WHAT TO FILE:
Property belonging to the business:
Enter into the Business Personal Property Statement, in the appropriate column, the cost of your tangible personal property, machinery, and tools, and expensed items in your possession January 1 and segregated by year of acquisiton. Include fully depreciated/expensed items. Report full cost, NOT depreciated basis. Cost includes sale and use tax, freight and installation. Do not deduct trade allowance. The Business Personal Property Statement MUST be attached to an Itemized List of All equipment owned and used by the business when returned to our office. Do not write or stamp same as last year.
DO NOT INCLUDE DAILY RENTAL PROPERTY, AIRPLANES, BOATS OR VEHICLES LICENSED TO OPERATE UPON HIGHWAYS
Includes all Internal Revenue Code Section 179 deductions. DO NOT include vehicles or other exempt items listed immediately above.
Leased Property belonging to others:
Report the name and address of Lessor. DO NOT include cost on your form for leased equipment.
FAILURE TO FILE:
If any taxpayer neglects or refuses to file a return for any year within the time prescribed, the Director of Finance shall statutorily prepare an assessment.
ASSESSMENT FACTORS: Tax Rate $4.28/100 (0.0428)
|7th Year and Older
BUSINESS PERSONAL PROPERTY TAX STATEMENTS:
FOR MORE INFORMATION:
Call the Revenue Administration Assessments Office at (434) 296-5851, Option #3