Business Personal Property

File Returns and Current Asset Lists by March 1

Virginia tax code requires all business owners, including home-based businesses, to file a business tangible personal property return and current asset list by March 1 of each year.

Business tangible personal property returns may be submitted through our Citizen Portal and also by mail. Returns, whether submitted through the Citizen Portal or mail, must be filed in the Commissioner’s Office or postmarked by March 1 of each year. Any return received or postmarked after March 1 will receive a late filing penalty.

Required Property for Filing

All business tangible personal property owned and used (or available for use) as of Jan. 1 is subject to taxation. This includes any fixed assets, furniture, fixtures, tools or equipment, excluding supplies (such as pens and paper) or real estate. Vehicles should not be included on this return.

Important Dates and Deadlines

Filing Deadline
Business Personal Property Returns must be filed annually by March 1. Returns filed after March 1 are assessed a late filing fee. Businesses that do not file a return receive a statutory assessment.

Filing Extensions
Business Personal Property extension request must be submitted by March 1 of each year. An extension will be granted for no longer than 60 days (May 1). Requests may be submitted by email, fax, or mail.

Tax Deadline
Business tangible personal property taxes are billed annually and are due to be paid to the Chesterfield County Treasurer by June 5 of each year. Additional information regarding Chesterfield’s tax deadlines is available on the tax calendar.

Annual Filing Requirements

You must include the following with your business tangible personal property return:

• An itemized asset list of each piece of business property or equipment that includes the original purchase price, a brief description and the year of purchase.
• For each piece of business property or equipment on the asset list, that has been disposed (sold, junked or no longer leased) and/or moved out of the county, include the original purchase price, a brief description, the year of the purchase and the disposal/move out date.
• A copy of the depreciation schedule (Form 4562).
• If any property is leased, rented or borrowed from others, provide an asset listing including the name and address of the owner, start and end dates of the lease, description, original cost, and purchase option (bargain buyout or fair market value).
• If you do not own any business tangible personal property, you must still file a return. You will enter "none" in sections 1 and 2 on the return and provide an explanation as to how your business is conducted without the use of property.

Businesses Closed, Moved or Change in Contact Information

If the business closed or moved out of Chesterfield County, notify the Commissioner of the Revenue’s office in writing. Please include the business name, business location, account number, and date the business closed or moved out of the county.

If there is a change in the mailing address or any of the contact information (phone number or email address), please indicate the change on the return or contact the Commissioner of the Revenue’s office.

Appealing a Business Tax Assessment

Any taxpayer wishing to seek a review of an assessment of local business tax, including but not limited to, business license tax, business tangible personal property tax, and machinery and tools tax, may appeal to the Commissioner of the Revenue to examine such assessment, in accordance with VA Code §58.1-3983.1.

Appeals must be filed within at least one year of the last day of the tax year for which such assessment is made, or within one year of the date of the appealable event (business license assessments) or date of assessment (business tangible personal property and machinery and tools assessments), whichever is later. Please refer to the Virginia Department of Taxation Guidelines for Appealing Local Business Taxes for more information on the process for submitting an appeal.