Virginia State Code Section 58.1-3503 (17) defines business personal property as all tangible personal property employed in a trade or a business. Business are assessed, but not limited to, office furniture, equipment, machinery and tools, computer equipment and merchant's capital. The returns must be filed by May 1 of each year and all businesses in Louisa County must file a form. If you have a business in Louisa County and you do not own, lease or possess personal property, you are required to sign and return the form with an attached statement explaining how you conduct your business. You are required to file a business tangible personal property form each year. In order to keep your records accurate, the information needs to be updated each year to reflect any changes that may have occurred. Louisa County does not prorate and tax businesses that are in operation January 1 of the tax year. If you fail to file a business tangible personal property return, you will receive a statutory assessment on your business personal property.
