** Please note that the Code of Virginia does not permit localities to prorate business tangible personal property**
2021 Return of Business Tangible Personal Property
City of Richmond
INSTRUCTIONS MACHINERY AND TOOLS
As stipulated in §58.1-3518 of the Code of Virginia, it is
the responsibility of every taxpayer who owns, leases,
rents or borrows tangible personal property that was
used or available for use in a business and which was
located in the City of Richmond, Virginia, on January 1,
2021, to report such property on this return.
This property must be reported in Section 1, 2, 4 and 5 of
this return, and is not limited to, but must include
personal property that has been expensed or fully
depreciated on the federal income tax return. DO NOT
REPORT MOTOR VEHICLES, TRAILERS,
WATERCRAFT OR AIRCRAFT ON THIS RETURN.
Property must be reported at its actual cost before any
allowances for trade-in or depreciation. The cost figures
must be reported as of January 1
st
.
Section 1 — Report in this section the cost of all tangible
personal property that is owned by the taxpayer filing this
return. This section is, in general, reserved for such
personal property as manufacturing machinery and tools
and some leasehold improvements. Also report in this
section all radio or television broadcasting, dairy, dry
cleaning or laundry equipment. Do not report in
Section1 computer equipment (as defined in Section 2),
certified short-term rental property or personal property
that is leased, rented, or borrowed from others.
Section 2
— Report in this section the cost of all
home/office or mainframe computer equipment that is
owned by the taxpayer and used in the business filing
this return. This section is reserved for computer
hardware, peripheral equipment, and operation software
(e.g. Microsoft Windows). DO NOT INCLUDE
APPLICATION SOFTWARE (e.g. Microsoft Word and
Excel).
NOTE: An explanation must
be provided with this return
if there is a difference between the reported yearly cost
figures shown in Sections 1 and 2 of this return and your
2020 return.
Section 3
— Used to calculate the total value of all
property listed on the return. Penalty assessed on all
returns not filed on or before March 1, 2021. If the return
is filed after the deadline or if taxable property was not
reported by that date, the late filing penalty applies and
will be assessed with the billing.
LATE PAYMENT INTEREST WILL BE ASSESSED AT
10% PER ANNUM AFTER JUNE 7, 2021.
Section 4
— Report on the Fixed Asset Schedule an
itemized list of all personal property reported in Sections
1 and 2 including a description, cost and year acquired.
IF YOU OWN NO BUSINESS TANGIBLE PERSONAL
PROPERTY, YOU MUST STILL FILE A RETURN.
Please enter “NONE” in Sections 1 and 2 of this form
and provide an explanation as to how your business is
conducted without the use of tangible personal property.
Section 5
— Report in this section all tangible personal
property that is leased, rented, or borrowed from others
as required by § 58.1-3518 of the Code of Virginia.
Please review the terms of each lease to determine if it is
a true lease. A “lease-purchase” (“capital lease”), usually
non-cancelable and characterized by a nominal (often
$1.00) buyout provision, is actually a financing
arrangement and should be reported in Section 1 or 2,
not in Section 5. Please call this office if you have
questions. Please enter “None” if this is not applicable.
Return to:
City of Richmond
900 East Broad Street
Room 103
Richmond, Virginia 23219
Phone: (804) 646-7000 Fax
: (804) 646-5848
Mailing Address Correction:
Name: ________________________________
Address: ______________________________
______________________________________
