Business Property
The Business Property Division is responsible for the accurate assessment of all tangible property or machinery employed in a business or trade.
Commissioner of the Revenue - Business Property
Virginia Relay TTY
What qualifies as business property?
- All office equipment including furniture, fixtures, furnishings, operating equipment, computers, peripherals, hand tools, power tools, books, machinery, and other such tangible property.
- All tangible property is given as a gift. (Confirm the fair market value (FMV) upon receipt of the property. Fair Market value is defined as the price that the property would sell for on the open market. There are online sites to determine FMV: The Salvation Army Donation Value Guide, Valuation Guide for Goodwill Donors, ItsDeductible, etc.)
- All non-licensed vehicles and trailers (including yard vehicles, tractors, storage trailers, office trailers, etc.)
- All items are fully depreciated but still in use.
- If you are out of business or have sold the business prior to January 1 of the current year, you must notify the Commissioner of the Revenue's office in writing giving applicable dates.
Important Messages and How to File
Every taxpayer operating a business in the City of Virginia Beach on January 1 is required to file a tangible personal property form (CR-13) on or before March 1 of the tax year. Failure to file a tangible personal property return (CR-13) by March 1 of each year could result in a penalty being assessed or a summons issued.
Under the provision of the law, the taxpayer is required to list all furniture, fixtures, furnishings, hand or power tools, machinery, operating equipment, and all other tangible property, including personal items used to conduct the business. The taxpayer shall submit a schedule of fixed assets used or made available, grouped according to year acquired and cost. All furniture and equipment owned must be reported, even if fully depreciated on the federal schedule.
- Do not list real estate
- Do not list licensed vehicles.
- Do not include equipment leased to you. Instead, list the name and address of the person or persons owning tangible property leased by you at the bottom of the 2023 CR-13 form. The current depreciation rate for business personal property is 40% of the original cost. Effective January 1, 2015, the tax rate is $4.00 per $100.00 of the assessed value. Our current rate for manufacturing is 33% of the original cost. The manufacturing tax rate is one millionth of one cent ($0.000001) per $100 of the assessed value.
- Manufacturing companies are only required to list the machinery and tools involved in the manufacturing process.
If you are out of the business or have sold the business, please indicate so on the front of the form giving the applicable dates.
If you have questions, please contact the Business Personal Property Division of the Commissioner's office by phone, fax, or email.
Extensions may be requested in writing. The letter must be submitted on or before March 1. The extension of time requested is not to exceed 90 days from the date return is due.
A taxpayer may apply to the Commissioner of the Revenue for a correction within three years from the last day of the tax year for which such an assessment is made.
All business files contain confidential information. Copies of prior years' tax records are available to the individual taxpayer, officer(s) of the corporation, or an authorized person. An authorized person may come to the office and provide proper identification or request the information in writing by providing a notarized document showing permission to obtain the requested information.