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Commissioner of the Revenue - Business Tangible Personal Property
 
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Commissioner of the Revenue
The Honorable Joseph A. Horbal

Email Address 
cor@chesterfield.gov 

Mailing address
Commissioner of the Revenue
P.O. Box 124
Chesterfield, VA 23832-0908

Street Address
Commissioner of the Revenue
9901 Lori Road
Building 38, Room 165
Chesterfield, VA 23832
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Phone Numbers
(804) 748-1281
 

Fax Numbers
(804) 768-8649 Administration, Individual Personal Property
(804) 796-3236 Business License, Business Tangible Personal Property, Income Tax, Tax Relief

Hours
Monday - Friday
8:30 a.m. - 5 p.m.

 
Business Services
Commissioner of the Revenue - Business Tangible Personal Property

Most persons or corporations owning tangible personal property (other than motor vehicles, trailers, boats, or aircraft) that is used or available for use in a trade or business ( including processing businesses, but not manufacturing *) and located within Chesterfield County as of January 1 must file the Return of Business Tangible Personal Property ("BPP") by March 1 to avoid a 10% late filing penalty. Business personal property tax, unlike that of vehicles, is NOT pro-rated.

The property is assessed at various percentages of the total capitalized cost, depending on the year of acquisition. All such property must be reported annually, including that which has been expensed or fully depreciated, and items that once were (or still are) used for personal use while still available to business use.

Unlike the business license process, payments for the business tangible personal property tax do not need to accompany the return. Tax bills are mailed by the Treasurer's Office after the return is processed by the Commissioner's Office, and are due to be paid on or before June 5 to avoid 10% late payment penalties and interest (10% per year, accrued monthly).

[* Note: Manufacturers file the Return of Machinery and Tools in lieu of the BPP return, but processors must file both returns. Click here for more information on the M&T tax and who must file, including information on qualifying as a manufacturer or processor.]

Forms to download

Frequently Asked Questions

Business Tangible Personal Property

What is business tangible personal property?  

It is any furniture, fixtures, tools, or equipment that is used or available for use in a business. It includes fixed assets, but does not include supplies (such as pens and paper) or real estate. For a more detailed list of applicable assets, see Sections One and Two of the BPP return form.

 

What is the due date for the business tangible personal property tax return?  

March 1

 

Can I get an extension of time to file the return?  

Yes, but your request must come in writing and be faxed or postmarked by March 1.  An extension will be granted for no longer than 60 days.

 

What is the tax rate?  

The current tax rate is $3.60 per $100 of assessed value (that is, 3.6% of the value). The rate is set each year by the board of supervisors.

 

What if I went out of business?  

You must notify our office in writing that you went out of business. If your BPP is on commercial property and is still available for use in business after you went out of business, you are responsible to continue to report it until it is removed or made unavailable for use in the business . Note that BPP is NOT pro-rated.  

 

What if I purchased or recapitalized an item on January 1?  

Report the item on the form and use a 90% assessment factor. Include a note on the "Total" line that these assets are included there.

 

What if I am a sole proprietor and I own the equipment personally?  

You must still report any tangible equipment that is used or available for use in your business.

 

What if I own no equipment?  

Then you must write "None" on the return and still send it in, along with an explanation of owning no equipment. You are required to file the return no matter how much equipment you have. If you lease equipment, then report it in Section Three of the return.You may be asked to provide a copy of the lease agreement.

 

Do you allow for technological obsolescence?  

Yes, for certain computer equipment and peripherals, as described in Section Two of the return. Computers and peripherals are assessed using a more progressive schedule of assessment factors, found in Section Two. Please note that "computerized" equipment is not the same as a computer or peripheral and would usually be reported along with all other equipment (in Section One), not with computer equipment in Section Two.

 

What if I do not depreciate anything?  

You must still file the form and report all equipment used or available for use in the business. You must include an itemized list of all equipment; and you may be asked to provide a copy of your federal Schedule C or Form 1120 in lieu of the required copy of your federal depreciation schedule.

 

What do I need to attach to my form? 

An itemized list of all property reported, and a copy of your most recent federal depreciation schedule (Form 4562), if you filed one. If you did not file a federal depreciation schedule, you may be asked to provide other supporting documents, including federal Schedule C or Form 1120 in lieu of the Form 4562.

 
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