- What is business personal property?
- How does the county arrive at the assessed value of business personal property?
- What is the deadline for filing a business personal property tax return?
- What is the deadline for paying the business personal property tax?
- Is there a penalty for filing a business personal property tax return after the deadline?
- What information must I keep regarding my business personal property?
- Are there different depreciation schedules for various types of property?
- How are the depreciation factors for business personal property determined?
- If I close my business, will the taxes be prorated?
- If the business sells any personal property during the year can the liability be transferred?
- Is the financial information submitted with a business personal property tax return available for public inspection?
- Does Henrico County audit the financial information reported on a business personal property return?
- How should property leased by a business be reported?
- How should manufacturers report machinery and tools?
- Should a business include vehicles in its business personal property return?
- Where can I obtain a business personal property tax return?
What is business personal property?
All movable tangible property — all furniture, fixtures, tools, signs, and all equipment (excluding vehicles) owned by a business and used for business purposes on January 1 of each year is subject to the tax. This information must be provided to the County for assessment purposes by March 1 of each year based on the tax schedule. The base tax rate applicable to this class of property is currently $3.50 per $100 of assessed value. Various depreciation schedules are applied to arrive at the fair market value of the assets being reported (depending upon the classification of the item). For additional information call (804) 501-4310.
How does the county arrive at the assessed value of business personal property?
The total original cost (which is all costs incidental to acquiring and placing an asset in use, such as freight, installation, sales tax, etc.) is multiplied by the appropriate depreciation factor. To request a copy of the depreciation schedule please call (804) 501-4310.
What is the deadline for filing a business personal property tax return?
All returns are due by March 1 of each year.
What is the deadline for paying the business personal property tax?
Payments are due on June 7 and December 6 of each year.
Is there a penalty for filing a business personal property tax return after the deadline?
There is a 10 percent penalty for late filing as stated in the Henrico County Code, Sec. 20-101 (1)b.
What information must I keep regarding my business personal property?
You must keep a record of the cost and date acquired for each asset your business reports on its business personal property tax return.
Are there different depreciation schedules for various types of property?
Henrico County uses three different schedules for reporting business personal property, namely: Schedule 80 is used to report all furniture and fixtures owned by a business. Schedule 85 is used to report CPUs, computer-based telephones, computer-based medical equipment, disk drives, docking stations, fax machines, modem, monitors, mouse, printers, satellite equipment, scanners, storage units, supercomputers, uninterrupted power supplies, etc. Schedule 95 is used to report all property leased by a business.
How are the depreciation factors for business personal property determined?
The depreciation factors are determined by examining actual sales data for the type of property reported on each schedule.
If I close my business, will the taxes be prorated?
No, the taxes are based on property owned by the business as of January 1.
If the business sells any personal property during the year can the liability be transferred?
No, the tax bill cannot transfer because the taxes are assessed based on who owned the property on January 1.
Is the financial information submitted with a business personal property tax return available for public inspection?
No, this information is protected under Virginia Code Section 58.1-3.
Does Henrico County audit the financial information reported on a business personal property return?
Yes, the records are audited periodically to ensure compliance.
How should property leased by a business be reported?
All leased equipment should be reported on Schedule 95 of the business personal property return.
How should manufacturers report machinery and tools?
Manufacturers should file a machinery and tools return to report only those assets used directly in the manufacturing process. Please call the Business Section of Henrico County at (804)501-4310 to determine if you should file a machinery and tools return.
Should a business include vehicles in its business personal property return?
Licensed vehicles should not be included in business personal property reported on the business personal property return.
Where can I obtain a business personal property tax return?
Applications can be obtained from Room 136, Administration Building, Government Center, 4301 East Parham Road; from the Eastern Government Center, 3820 Nine Mile Road or by calling 804-501-4310.
