2024 Business License Renewal 2024 Business Equipment Filing

BUsiness Equipment Tax Tasks and forms
Register for Business Equipment Account ONLY		Printable
File Business Equipment Tax Return	Online	Printable
Payment of Business Equipment Tax	Online
Request for Extension - Filing Business Tangible Personal Property Tax Return		Printable

Tax Code Requirements

§ 58.1-3518 of the Code of Virginia requires:

All tangible personal property owned as of January 1, of any year, must be filed on a personal property return. 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 submitted annually by every business (Form 762B, 762M, 762P or 762L).
• Writing "same as last year" constitutes a non-filing and may result in a late filing penalty on your tax bill.
• Taxpayers who do not own, lease, rent, or borrow business tangible personal property must still file a return. Enter NONE and provide an explanation as to how the business is operated without the use of tangible property. 
• The original cost of the business tangible personal property must be reported. A percentage (30%) of the original cost is multiplied by the current personal property tax rate which is subject to change each year (current rate = $4.86 per $100 of assessed value).
• Do not report just new or recently acquired personal property -- You must report ALL personal property on each year’s filing including property reported on the prior year’s filing if still owned.  For each item, you must provide the original cost or value if free to you, before any allowance for trade-in.  Include personal property even if expensed or fully depreciated on company books.  You must also include the total cost/value of all items (or it constitutes a non-filing, subject to penalty).
• Examples of items used to conduct business and therefore reportable:  furnishings, office machines, equipment, hand-held tools, power tools, fixed and portable signs, computers, printers, faxes, phones, chairs, desks, bookshelves, ladders, forklifts, scaffolding, hair dryers, cribs, etc.  A detailed list can be emailed to Maria Price or faxed to 540.667.6487.
• If the list of items you are reporting for this year does NOT include items previously reported on last year’s filing (e.g., have been disposed of and not replaced), you must attach or email Maria Price a list of the disposed of or no longer owned items.
• Do not include DMV vehicles on the filing (file separately with the Commissioner of the Revenue). 
• All forms must be signed, dated and returned by the filing deadline of March 1 (or first business day thereafter). A 10% (minimum $2.00) penalty is charged for late filing or failure to file. 
• NOTE:  Businesses are encouraged to file ONLINE.  Once filed online, the filed info (contact, address, property list etc.) will automatically appear online the following year to make changes, additions, or leave as is, and resubmit.
• Business Equipment bills are sent out and payments are due -- half by June 5 and half by December 5 (non-prorated tax).

Request for Extension to file Business Tangible Personal Property Tax Return

Business Tangible Personal Property Tax Returns (Form 762B - Business Equipment; Form 762M - Manufacturers/Machinery & Tools; Form 762P - Processors) are due by March 1 (or first business day thereafter). A form is available to request an extension to file the tax return. If requested, such extension will be valid only until April  1 (or first business day thereafter).  If the tax return is not received by the extension date, an assessment - based on the immediately preceding year plus any auditing discoveries or based on an industry average for similar operations - will be made for billing purposes. Additionally, if the requesting company does not meet the extended deadline, a 10% late filing penalty will be assessed.