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1. Who should file?

Virginia Tax code 58.1-3518 requires all business owners, including home based businesses, to file a business tangible property return and current asset list annually. If you conducted business as an individual, partnership, corporation or LLC, or if you own leased business equipment in Spotsylvania County on January 1 of this year, you must complete a return.  A separate return should be submitted for each business location.

2. How and what items do I file?

All property located in Spotsylvania County on January 1st and used or available for use in your business is taxable. Property required to be reported is not subject to proration and is taxed for the entire year, even if it is sold or moved out of the County after January 1st.

Itemized List

Attach an itemized listing of all assets owned or used in the business. The list needs to contain the name of the item, acquisition date and cost In the event there was no cost for acquisition, please provide an estimate of fair market value at the time of acquisition. This includes property that is:

• Fully depreciated or expensed for federal tax purposes
• Leased or rented (do not include real estate)
• Owned personally and used in the business on a full or part-time basis
• Received as a gift

Example of items: 

• Calculators
• Cameras
• Chairs
• Cubicles
• Desks
• Desktop/laptop computers
• Fax
• Filing cabinets
• Forklifts
• Handheld tools
• Pallet jacks
• Pictures
• Power tools
• Recorder
• Shelves
• Signs (fixed or portable)
• Skidders
• Telephones/cellphones
• Etc.

Incomplete Returns

Upon receipt, all returns are reviewed for completeness. Do not write "same as last year" or "see attached" as this will result in the rejection of a return. Penalties may be incurred if form is not properly completed and signed.

Internet Based Businesses

These types of businesses must report any assets they use to operate the business. This includes whether they are personal or business owned (but not limited to): 

• Chair
• Computers
• Desk
• Fax Machines
• Printers
• Scanners
• Etc. 

No Cost Provided 

Since the assessment is based on information and schedule(s) that you provide, an assessment will be made by means of percentage of original cost and/or fair market value. If no information is provided, the Commissioner of Revenue is required by law to assess property based on the best information available.

3. What is the depreciation schedule for 2023?

2023 Depreciation Schedule

Year Acquired	% of Original Cost
2022	50%
2021	45%
2020	40%
2019	30%
2018 and Prior	20%

4. When do I file?

To avoid a late filing penalty of 10%, this form must be postmarked on or before February 1st each year.

5. What if I need more time to file?

An extension may be requested for thirty, sixty, or ninety days. The request must be filed with our office on or before February 1. A confirmation will be sent to you via letter, email or fax. A copy of the extension request form can be found on the Forms page.

6. When will I receive a bill?

Tax bills are mailed twice a year, approximately 30 days prior to the due dates of June 5th and December 5th. If you do not receive a bill, please contact the Treasurer's Office at 540-507-7058 or visit Pay Your Bills Online or visit the Commissioner of the Revenue's Office.