Return Of Business Tangible Personal Property Form - City Of Harrisonburg, Virginia (Page 2 of 2) in pdf

FORM PP20

FARM MACHINERY AND IMPLEMENTS

Description

Original Cost

Date Acquired

Assessed Value

FARM ANIMALS

Description

Original Cost

Date Acquired

Assessed Value

Riding horses, ponies, etc.

Cattle

Sheep and goats

Hogs

Poultry: chickens, turkeys, ducks, geese, etc.

INSTRUCTIONS

Section 2 – Report in this section the cost of all home/office or

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

responsibility of every taxpayer who owns, leases, rents, or borrows

mainframe computer equipment that is owned or being paid for by

tangible personal property that was used or available for use in a

installment payments by the taxpayer filing this return. This section

business and was located in Harrisonburg, Virginia, on January 1,

is reserved for computer hardware, peripheral equipment, and

2016, to report such property on this return. If you acquired and/or

operation software (e.g., Microsoft Windows). DO NOT INCLUDE

capitalized any property on January 1, 2016, this property will be

APPLICATION SOFTWARE (e.g., Microsoft Word and Excel).

assessed at 90% of the cost. Include the cost and assessed value

Leasing companies

that manufacture the personal property that is

in the totals for sections 1 and 2. Please make a notation on the

required to be reported in Sections 1 or 2 must report the

“Total” line that these assets are included there.

commercial retail selling price new for which the property would be

sold if it were available for sale. The selling price should be entered

This property must be reported in Section 1, 2, or 3 of this return,

on the line corresponding with the year in which the property was

and is not limited to, but must include, personal property that has

manufactured. Those companies that purchase the property that is

been expensed or fully depreciated on a federal income tax return.

being reported must enter in Section 1 or 2, as appropriate, the

DO NOT REPORT MOTOR VEHICLES, TRAILERS, BOATS,

original purchase cost on the line corresponding with the year in

which the property was purchased.

MANUFACTURED HOMES, OR AIRCRAFT ON THIS RETURN

NOTE: An explanation must be provided with this return if there is a

Property must be reported at its

actual cost

before any allowance for

difference between the reported yearly cost figures shown in

trade-in or depreciation. The cost figures must be reported on a

Sections 1 and 2 of this return and your 2015 return.

calendar-year

basis.

Calculate the assessed value of the property reported in Sections 1

IF YOU OWN NO BUSINESS TANGIBLE PERSONAL PROPERTY,

and 2 by multiplying the cost figures by the assessment percentages

YOU MUST STILL FILE A RETURN; please enter “NONE” in

listed. Total the assessed values in Sections 1 and 2 and enter the

Sections 1 and 2 of this form and provide an explanation as to how

result in the box provided below Section 2, rounding to the nearest

your business is conducted without the use of property.

$100.

Section 1 – Report in this section the cost of all tangible personal

Section 3 – Report in this section all tangible personal property that

property that is owned or being paid for by installment payments by

is leased, rented, or borrowed from others as required by §58.1-

the taxpayer filing this return. This section is, in general, reserved

3518 of the Code of Virginia. Please review the terms of each lease

for such personal property as furniture, trade fixtures, office

to determine if it is a true lease. A “lease-purchase” (“capital lease”),

machines and equipment, tools, and some leasehold improvements.

usually non-cancelable and characterized by a nominal (often $1.00)

Also report in this section all types of fixed and portable signs

buyout provision, is actually a financing arrangement and should be

(banners, directories, plaques, etc.).

Do not report in Section 1

reported in Section 1 or 2, not in Section 3. Please call this office if

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

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

rental property or personal property that is leased, rented, or

LATE FILING PENALTY – A late filing penalty of 10% will be

borrowed from others.

imposed if this return is not filed or postmarked by March 31, 2016.

ITEMIZED LIST OF ALL TANGIBLE PERSONAL PROPERTY REPORTED IN SECTIONS 1 AND 2

If applicable

Original

Actual Cost

Description of Each Item

Date Moved or

Date Disposed or

Purchase Year

Transferred In

Transferred Out

-- Please attach a schedule in this format with the

pertinent information. --

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

Return Of Business Tangible Personal Property Form - City Of Harrisonburg, Virginia Page 2

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