Instructions For Assessment Of Business Tangible Personal Property Form

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FORMULA FOR ASSESSMENT
OF
BUSINESS TANGIBLE
PERSONAL
PROPERTY
INCLUDING MACHINERY AND TOOLS.
AUTOMOBILES,
TR
UCKS,
VANS,
MO
TORCYCLES,
TRAILERS, RVs,
CAMPERS,
BOATS,
AND
BOAT MOTORS
MUST
BE REPORTED ON DIFFERENT FORM
.
FOR ALL NON-COMPUTER PROPERTY,
INCLUDING MACHINERY AND TOOLS
FROM PART 1:
Property acquired
on
January
1 of current year .................................................. 80%
Property
acquired during
201 0..···.··.. ·.··.......................................
· ··..
·...·········.......... 70%
Property acq uired durin
g
2009..·.. ·....·....··.··· .. ·...................... ·
..........
····...................... 60%
Property acquired duri ng
2008
...................................................................................
50%
Property acquired during
2007......................................................
..
...........................
40%
Property acquired during
2006
...................................................................................
30%
Property acq uired during
2005
...................................................................................
20%
Property
acquired
during 2004
and before
..........
... .............................................. 10%
FOR
ALL
COMPUTER
EQUIPMENT
FROM
PART 2:
Property acquired
on
Jan
uary
1 of current year ..................................................
~
00%
Property
acquired during
201
0...... ··· .. ·.. ·.. ·........·......·....·.. ·.. ·........ ........
·..............
......· 65%
Property
acquired
during
2009.................... ·.. ·.. ................
........·.... ·.. ·............·......
·.... 45%
Property
acquired
during
2008··
.. ·.. ·..........
·········..····· ..
·· ..·· ..
·.... ·· .. ·....·.. ··
..
···............... 30%
Property acquired during
2007
..........................................
.........................................
10%
Property acquired
during
2006
and
before
............................................................ 2%
COMPUTE
R
EQUIPMENT
IS
DE
FINED,
BUT NOT LIMITED TO: CENTRAL
PROCESSING
UNITS,
EXTERNAL
STORAGE SUCH AS DIRECT ACCESS
STORAGE
UNITS AND MAGNETIC
TAPE DRIVES; PERIPHERALS SUCH AS
PRINTERS
,
CAR
D
READERS, OPTI
CAL
CHARACTER/MARK READERS,
COMPUTER
MICROFILM
DEVIC
E
S,
AND
CARD PUNCHES (EACH WITH
CONTROL
DEVIC
ES):
TELEPROCESSING DEVICES SUCH AS CONTROLLERS,
MODE
MS,
CON
CENTRATORS,
CATHODE
RAY
TUBES DISPLAYS, FILE
SERVERS AN
D
SHAR
ED
PRINTER SERVERS;
PERSONAL COMPUTERS AND
ASSOCIATED DISPLAY
DEVICES.
DO NOT REPORT COMPUTER APPLICATION
SOFTWARE (SE
E
SEC. 58.1-1101 (8)
CODE
OF
VIRGINIA).
COST
IS
DEFI
NED
AS
THE
C
ASH AND
CAR
RY
PURCHASE
PRICE UF
PROPERTY AFTER
ANY
DI SCOUNT THAT
MAY
BE ALLOWED THEREON TO
THE
PURCHASER
BUT BEFORE
ANY
ALLOWANCE DUE TO THE TRADE-IN OF
OTH
ER
PROPERTY
INVOLVE
D
IN SUCH PU RCHASE OR TRANSACTION. IF
PROPERTY
IS ACQUIRED
OTHER
THAN BY
PURCHASE, ITS COST SHALL BE
CONSTRUED
TO BE
ITS
F
AI
R
MARKET
VALUE UPON ITS DATE OF
ACQUISITION
.
INSTRUCTIONS
1.
Report the total acquisition cost of tangible personal property located
in Fairfax City on January
1
st,
each
year,
including but not limited
to,
equipment and tools used in any business or profeSSion
,
and machinery,
and
tools,
other furniture and fixtures. File this form NO LATER THAN
MAY 1, 2011 with the supporting worksheet with the Commissioner of the
Revenue Office.
2.
Furnish
ilemized listing of all
tangible
personal property showing date
of acquisition and original cost.
A
separate worksheet
of
computer
equipment reported in
Part
2
is
required. This return is
incomplete
without this
information
and
will be returned for completion.
3.
COMPLETE ENTIRE FORM. THIS
FORM
WILL BE CONSID ERED
INC OMPLETE
AND RETURNED IF MARKED "SAME AS LAST YEAR."
4.
Please indicate on form which property is leased or rented and which
which property is owned.
5.
Please do not include cash
,
checks or money orders with this return
.
You
will receive a bill from this office.
6. LATE FILING PENALTY OF TEN PERCENT OF THE TAX, WILL BE
ASSESSED AFTER
MAY
1, 2011. POSTMARK DATE GOVERNS MAILED
RETURNS.
SPACE BELOW RESERVED FOR ANY ADDITIONAL INFORMATION BY
TAXPAYER WHICH WILL AID IN FAIR ASSESSMENT.

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