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Gloucester County values business tangible personal property used in a trade or business at a percentage of original cost based on the year of purchase. Property purchased in 2000 and older is valued at 10% of original cost and property purchased in 2001 and newer is valued at 30% of original cost. Virginia law requires all property to be assessed, regardless of whether or not the taxpayer files on such property.
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Virginia State Code Section 58.1-3503(17) defines business personal property as all tangible personal property employed in a trade or a business. Businesses are assessed on, but not limited to:
For 2018 the rate is $2.95 per $100 of assessed value. The Board of Supervisors sets this rate annually.
The Returns must be filed on or before March 1. The tax bills will be due on June 30th and December 5th.
A fifteen-day extension may be granted if the request is submitted in writing prior to the March 1 deadline.
All businesses in Gloucester County must file a return on or before March 1 of each year. Businesses need to report tangible personal property owned, leased, or in their possession in Gloucester County as of January 1 of each year.
You may complete the Return of Business Tangible Personal Property form and mail it to the Commissioner of the Revenue's Office.
If you have a business in Gloucester County and you do not own, lease, or possess personal property, you are required to sign and return the form with an attached statement confirming you have no personal property and explaining how you conduct business.
Yes. In order to keep our records accurate, the information needs to be updated each year to reflect any changes that may have occurred.
Yes. If you were in business on January 1, you must file the return on or before the due date. You will be responsible for the tax for the remainder of the year. Gloucester County does not prorate.
Yes. All business property must be reported, even items that are fully depreciated or expensed for Internal Revenue Service (IRS) purposes. If the IRS does not require you to file a depreciation schedule, attach a list of all your business personal property to the return. Remember to include the date of purchase and the original cost of the property.
This is the actual cost of the business tangible personal property before any allowance for depreciation. It includes all costs associated with putting an asset into use (such as sales tax, delivery and freight charges, installation, labor, etc.).
Yes. As the owner of the property, you are required to file the return and pay the tax assessment, even if you have a private agreement with your lessee.
Yes. By law, you are required to report all property in your possession, including leased property. This information allows us to ascertain that the lessor has reported the property and is properly assessed.
You must still report any tangible equipment that is used or available for use in your business.