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City of Richmond

INSTRUCTIONS FURNITURE & FIXTURES

As stipulated in §58.1-3518 of the Code of Virginia,

Section 3 — Used to calculate the total amount due

it is the responsibility of every taxpayer who owns,

fo r B u s i n e s s P e r s o n a l P r o p e r t y t a x e s . O n l i n e 1

leases, rents or borrows tangible personal property

enter the total assessed value from Sections A and

that was used or available for use in a business and

B. Line 2 is the calculation of tax: Furniture, Fixture

which was located in the City of Richmond, Virginia,

a n d P r o g r a m m a b l e C o m p u t e r E q u i p m e n t a t $ 3 . 7 0

o n J a n u a r y 1 , 2 0 1 2 , t o r e p o r t s u c h p r o p e r t y o n

per $100. Line 2 Multiply the total taxable value (line 1)

this return.

by the tax rate. Line 3 is Penalty assessed on all

r e t u r n s n o t f i l e d o n o r b e f o r e M a r c h 1 , 2 0 1 2 . I f

t h e r e t u r n i s f i l e d a f t e r t h e d e a d l i n e o r i f t a x a b l e

This property must be reported in Section 1, 2, 4

p r o p e r t y w a s n o t r e p o r t e d b y t h a t d a t e , t h e l a t e

and 5 of this return, and is not limited to, but must

filing penalty applies.

include, personal property that has been expensed

o r f u l l y d e p r e c i a t e d o n t h e f e d e r a l i n c o m e t a x

Filing Penalty Calculation

r e t u r n . D O N O T R E P O R T M O T O R V E H I C L E S ,

If tax is $10 or less, penalty is the SAME AS THE TAX.

TRAILERS, WATERCRAFT OR AIRCRAFT ON THIS

If tax is $10.01-$100, the penalty is $10.

RETURN.

If tax is over $100, the penalty is 10% of the tax.

Property must be reported at its actual cost before

LATE PAYMENT INTEREST WILL BE ASSESSED

a n y a l l o w a n c e s f o r t r a d e - i n o r d e p r e c i a t i o n . T h e

A T 5 % P E R A N N U M A F T E R M a y 1 , 2 0 1 2 .

cost figures must be reported as of January 1st.

Interest is calculated by multiplying the sum of lines 2

and 3 by 0.05 per annum.

Section 1 — R e p o r t i n t h i s s e c t i o n t h e c o s t o f a l l

tangible personal property that is owned by the taxpayer

Section 4 — Report on the Fixed Asset Schedule an

filing this return. This section is, in general, reserved for

i t e m i z e d l i s t o f a l l p e r s o n a l p r o p e r t y r e p o r t e d i n

such personal property as furniture, trade fixtures, office

sections 1 and 2 including a description, cost and

machines and equipment, tools and some leasehold

year acquired.

improvements. Also report in this section all types of

fixed and portable signs (billboards, banners, directories,

IF YOU OWN NO BUSINESS TANGIBLE PERSONAL

plaques, etc). Do not report in Section 1 computer

PROPERTY, YOU MUST STILL FILE A RETURN. Please

equipment (as defined in Section 2), certified short-term

enter “NONE” in Sections 1 and 2 of this form and

rental property or personal property that is leased,

provide an explanation as to how your business is

rented, or borrowed from others.

c o n d u c t e d w i t h o u t t h e u s e o f t a n g i b l e p e r s o n a l

Section 2 —R e p o r t i n t h i s s e c t i o n t h e c o s t o f a l l

property.

home/office or mainframe computer equipment that is

owned by the taxpayer and used in the business filing

S e c t i o n 5 — R e p o r t i n t h i s s e c t i o n a l l t a n g i b l e

this return. This section is reserved for computer

p e r s o n a l p r o p e r t y t h a t i s l e a s e d , r e n t e d , o r

hardware, peripheral equipment, and operation software

b o r r o w e d f r o m o t h e r s a s r e q u i r e d b y § 5 8 . 1 - 3 5 1 8

( e . g . M i c r o s o f t W i n d o w s ) . D O N O T I N C L U D E

of the Code of Virginia. Please review the terms of

APPLICATION SOFTWARE (e.g. Microsoft Word and

e a c h l e a s e t o d e t e r m i n e i f i t i s a t r u e l e a s e . A

Excel).

“ l e a s e - p u r c h a s e ” ( “ c a p i t a l l e a s e ” ) , u s u a l l y n o n -

c a n c e l a b l e a n d c h a r a c t e r i z e d b y a n o m i n a l ( o f t e n

NOTE: An explanation must be provided with this

$ 1 . 0 0 ) b u y o u t p r o v i s i o n , i s a c t u a l l y a f i n a n c i n g

return if there is a difference between the reported

arrangement and should be reported in Section 1 or 2,

yearly cost figures shown in Sections 1 and 2 of this

not in Section 5. Please call this office if you have

return and your 2011 return.

questions. Please enter “None” if this is not applicable.

Return to:

City of Richmond

900 East Broad Street

Room 103

Richmond, Virginia 23219

Address Correction

Phone: (804) 646-7000

Fax: (804) 646-5848

Name:_______________________________

Address:_____________________________

N O T E : I f y o u d i d n o t r e c e i v e a b i l l i n g n o t i c e , t h i s

____________________________________

r e t u r n m a y b e u s e d i n l i e u o f t h e n o t i c e .

B e

a d v i s e d t h a t n o t r e c e i v i n g a b i l l w i l l n o t p r e v e n t a

____________________________________

l a t e p a y m e n t p e n a l t y o n y o u r a c c o u n t .

____________________________________

** Please note that the Code of Virginia does not permit localities to prorate business tangible personal property**

Return Of Business Tangible Personal Property Form - Richmond Division Of Assessments - 2012 Page 2

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