Do I Need To file?
The Virginia Tax Code Section 58.1-3518 requires all business owners, including home-based businesses, to file a Business Tangible Personal Property Return (PDF) and current asset list annually. If you conducted business as an individual, partnership or corporation, or if you own leased business equipment in the City of Fredericksburg on January 1 of this year; you MUST complete and return the Business Tangible Personal Property Return Form (PDF). A separate form should be submitted for each business location.
How & What Items Do I File?
Business Tangible Personal Property Return Form, reporting all furniture, fixtures, tools and equipment used in a trade or business. Machinery and Tools used in manufacturing, mining, processing or reprocessing, radio or television broadcasting, dry cleaning or laundry businesses are to be listed and segregated as a separate class (Virginia Tax Code Section 58.1-3507). Property required to be reported on this form is not subject to proration and is taxed for the entire year, even if it is sold or moved out of the City after January 1.
Itemized List – Attach a copy of your most recent depreciation schedule used for the business listed or an itemized assets listing. The list needs to contain the name of the item, acquisition date and cost. In the event there was no cost for acquisition, please provide an estimate of fair market value at the time of acquisition.
This includes property that is
- owned by the business
- owned personally and used in the business on a full or part-time basis
- received as a gift
- leased or rented
- fully depreciated or expensed for federal tax purposes
Example of items: hand held tools, power tools, computers, fax, desks, chairs, calculators, cubicles, filing cabinets, telephones, shelves, pictures, pallet jacks, forklifts, skidders, signs (fixed or portable), cameras, recorders, etc.
Incomplete Return – Upon receipt, all returns are reviewed for completeness. If you write "SAME AS LAST YEAR" or "SEE ATTACHED," this may result in improper assessment. Penalties may be incurred if return is not properly completed and signed.
No Cost Provided – Since the assessment is based on information and schedule(s) that you provide, an assessment will be made by means of percentage of original cost and/or fair market value. If no information is provided, the Commissioner of the Revenue is required by law to assess property based on the best information available.
When Do I File?
To avoid a late filing penalty of 10%, this form must be postmarked on or before February 15th.
What If I need More Time To File?
An extension may be requested for thirty (30) days. The request must be filed in writing with our office on or before February 15th. You may submit the written request by facsimile to 540-372-1197.
When Will I Receive A Bill?
For returns that are timely filed, tax bills are mailed twice a year, approximately 30 days prior to the due dates of May 15th and November 15th. Returns that are filed late or incomplete may be included in supplemental billings which are done periodically throughout the year. If you do not receive a bill, please contact the Treasurer’s Office at 540-372-1001.