Every proprietor, firm or corporation owning or leasing tangible business property, machinery and tools, located in York County as of January 1st of any given year must report all furniture, fixtures, tools, equipment, computer equipment and business use vehicles used in the operation of the business. This includes all fully depreciated property. An itemized breakdown including description of property purchased and/or disposed of, the date purchased and/or disposed of and the original cost is required.
For your convenience, the Commissioner of the Revenue mails a "Tax Return of Business Tangible Personal Property and Machinery and Tools" form annually to each business. This return must be completed and returned by March 1st. Failure to submit this return by the due date will result in a late filing penalty, which is 10%, $10.00 minimum, not to exceed the amount of tax. Failure to file will result in a statutory assessment and such will be the basis of your tax bill. Virginia Code §58.1-3519 authorizes the Commissioner of the Revenue to assess property based on the best information available in any case where a taxpayer neglects or refuses to file a complete return. All filings are subject to audit by the Commissioner of the Revenue at any time.