All persons or corporations located within Chesterfield County as of January 1 must file the Return of Machinery and Tools by March 1 of each year, to avoid a 10% late filing penalty if they own machinery and tools ("M&T") that are used or available for use in:
The property is assessed at various percentages of the total capitalized cost, excluding capitalized interest, depending on the year of acquisition. (View all tax forms.)
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 at a rate of 10% per year.
Certain M&T taxpayers who operate in the Technology Zone may qualify for certain rebates and other tax incentives.