2010 Business Tangible Property Return For Spotsylvania County - Virginia Commissioner Of Revenue Page 2
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3Spotsylvania County, Virginia
Complete this form in its entirety. If information is preprinted, please review for
accuracy. Cross through incorrect information and update as applicable.
WHO SHOULD FILE?
Virginia Tax code 58.1-3518 requires all business owners, including home based businesses, to file
a business tangible property return and current asset list annually. If you conducted business as an
individual, partnership or corporation, or if you own leased business equipment in Spotsylvania
County on January 1 of this year, you must complete and return this form.
A separate form should
be submitted for each business location.
HOW & WHAT ITEMS DO I FILE?
st
All property located in Spotsylvania County on January 1
and used or available for use in your
business is taxable. Enclosed is the Business Property return on which to report all furniture,
fixtures, tools and equipment used in a trade or business. Machinery and Tools used in
manufacturing, mining, processing, reprocessing, radio or television broadcasting, dry cleaning or
laundry business 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
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the entire year, even if it is sold or moved out of the County after January 1
.
•
Itemized List
- Attach an itemized listing of all assets owned or used in the
business. 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:
o owned by the business
o owned personally and used in the business on a full or part-time basis
o received as a gift
o leased or rented
o fully depreciated or expensed for federal tax purposes.
o 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. Do
not write “SAME AS LAST YEAR” or “SEE ATTACHED” as this will result in the
rejection of the return. Penalties may be incurred if form 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 Revenue is required by law to assess property based on the best
information available.
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