Commissioner of the Revenue
Business Equipment
VA State Code 58.1-3518
"Requires that all tangible personal property owned as of January 1, of any year, be filed on a personal property return (762B Form). Every taxpayer who owns, leases, rents, or borrows tangible personal property which was used or available for use in a business or profession and which was located in Frederick County is required to report such property to the Commissioner of the Revenue"
• A complete filing must be reported annually. If you own, lease, rent or borrow no business tangible personal property you must still file a return. Enter NONE and provide an explanation as to how you operate a business without the use of tangible property. The original cost of the business tangible personal property is reported. A percentage (30%) of the original cost is multiplied by the current personal property tax rate ($4.86 per $100 of assessed value for 2009)
Subject to change each year
• Business Equipment is paid biannually, June 5 and December 5 and is a non-prorated tax (non-prorated means if taxable 1/1 it will be owed for the whole year, even if sold or moved out
• Items such as furnishings, office machines, equipment, tools, fixed and portable signs, computers, printers, faxes, etc., must be reported (Items used to conduct your business)
• Do not include DMV vehicles on this form (file separately with the Commissioner of the Revenue)
• All forms must be signed, dated and returned by the filing deadline, March 15
• A 10% (minimum $2.00) penalty is charged for late filing or failure to file
762B Form