Finance Home  |  Business Personal Property
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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.


WHAT TO FILE:

  1. 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.
     
  2. Expensed Property:
    Includes all Internal Revenue Code Section 179 deductions.  DO NOT include vehicles or other exempt items listed immediately above.
     
  3. Leased Property belonging to others:
    Report the name and address of Lessor.  DO NOT include cost on your form for leased equipment.

ASSESSMENT FACTORS:  Tax Rate $4.28/100 (0.0428)

1st Year 25.0 %
2nd Year 22.5 %
3rd Year 20.0 %
4th Year 17.5 %
5th Year 15.0 %
6th Year 12.5 %
7th Year and Older 10.0 %

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.


BUSINESS PERSONAL PROPERTY TAX STATEMENTS:

 

 


 
 
 
Contact the Department
Finance Department
401 McIntire Road
Charlottesville, VA 22902
Department Contacts
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