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 6 to avoid 10% late payment penalties and interest (10% per year, accrued monthly).
Note: Manufacturers file the Return of Machinery and Tools (PDF) in lieu of the BPP return, but processors must file both returns.