What is business personal property tax?
Business personal property tax is a tax on the furniture, fixtures, machinery, and tools used in a business, trade, or profession. The Code of Virginia (§58.1-3503) states that all tangible business personal property is taxable for the physical life of the property regardless of age (1 day or 1,000 years old). Taxable assets include items that have been received free of charge, as a gift, or personal items that have been brought from home to use in the business. Taxable property also includes items that have been partially or fully depreciated for income tax purposes. This tax is assessed annually and is based on all assets owned, or in the possession of, the business on January 1.

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1. What is business personal property tax?
2. How is business personal property assessed?
3. Who is required to file the business personal property tax return?
4. What is a detailed fixed asset list?
5. What should be included on the asset list?
6. What items are exempt from the business personal property tax?
7. Is there a minimum dollar amount that does not have to be reported?
8. Is leased equipment taxable?
9. When are the annual business personal property tax returns mailed to businesses?
10. When are the annual business personal property tax returns due?
11. What should I do if my business has an address change, moves, or closes?
12. How does my responsibility change if I am a merchant?