Pursuant to Va. Code § 58.1-3916(1950), as amended, annual returns of tangible personal property, machinery and tools, shall be filed with the Commissioner of the Revenue.
(a) The deadline for filing such tax returns for motor vehicles, boats and trailers, whether or not used in a trade or business shall be February 1 of the year in which such return is required to be filed, except that the tax return for any motor vehicles, boats or trailer that acquires a situs within the County after February 1 of the tax year shall be filed no later than sixty days after the motor vehicle, boat or trailer acquires such a situs.
(b) The deadline for filing tax returns for aircraft and manufactured homes shall be February 1 of the year in which such return is required to be filed.
(c) Owners of miscellaneous and incidental tangible personal property employed in a trade or business that is not classified as machinery and tools or short-term rental property and has an original cost of less than $500 shall be permitted to provide an aggregate estimate of the total cost of all such property owned by the taxpayer that qualifies under this subdivision, in lieu of a specific itemized list.
(d) No tax returns for motor vehicles, boats or trailers with a situs in Loudoun County need to be filed with the Commissioner of the Revenue, provided that:
(1) A personal property tax return on any such motor vehicle, boat or trailer has previously been filed with the Commissioner;
(2) There has been no change since the previous filing in the owner's name and address;
(3) There has been no change since the previous filing to the status or situs of the motor vehicle, boat or trailer;
(4) The information showing in the Commissioner of the Revenue’s records regarding owner’s name and address, as well as status and situs of the motor vehicle, boat or trailer is accurate; and
(5) The taxpayer has voluntarily paid prior year assessed taxes for the motor vehicle, boat or trailer.
(e) The deadline for filing such tax returns for business tangible personal property (excluding motor vehicles, boats, trailers, aircraft and manufactured homes used in a trade or business), and machinery and tools shall be March 1 of the year in which such return is required to be filed.
(f) Any person required to file a return, upon a request in writing to the Commissioner, may receive an extension of up to thirty days. Any person receiving such an extension but failing to file such return shall be subject to the penalty provided herein, to be assessed on the next day following the last day of the extension. Any person not receiving such an extension but failing to file such return shall be assessed the penalty from and including the return due date.
(g) Upon failure to timely file the tax return required to be filed, the Commissioner of the Revenue shall, on the day following the day when the return should have been filed, impose a penalty of ten percent of the tax assessable on the property which is the subject of the tax return. Any such penalty when so assessed shall become a part of the tax.
(Ord. 97-11. Passed 11-5-97; Ord. 02-02. Passed 1-8-02; Ord. 17-02. Passed 1- 19-17; Ord. 18-13. Passed 7-11-18; Ord. 20-01. Passed 1-15-20.)