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Virginia Return of Tangible Personal Property, Machinery and Tools, and Merchant's Capital - for local taxation only
Extracted from PDF file 2023-virginia-form-762.pdf, last modified September 2022Return of Tangible Personal Property, Machinery and Tools, and Merchant's Capital - for local taxation only
F O R M 762 VIRGINIA Name 2023 RETURN OF TANGIBLE PERSONAL PROPERTY, MACHINERY AND TOOLS, AND MERCHANTS’ CAPITAL — FOR LOCAL TAXATION ONLY Please print Your social security number or FEIN Name of spouse Spouse’s social security number Home address Number and street or rural route County or City City, town or post office State ZIP Code District, Ward or Town PART I TANGIBLE PERSONAL PROPERTY Business 1. Motor vehicles * Leased vehicles for business use Use Trade Name of Motor Vehicle do not qualify for the personal property tax reduction. Yes or No Year Model or Series No. Cylinders or Tonnage Date Acquired Number Owned Air Cond. Yes or No Fair Market Value as Listed by Taxpayer (a) Automobiles (not daily rental passenger cars) Fair Market Value as Ascertained by Commissioner of the Revenue VIN: VIN: (b) Motorcycles (c) Autocycles (d) Trucks (e) Tractors and trailers (f) Antique motor vehicles (g) All other motor vehicles and motor homes 2. Manufactured (mobile) offices, campers, travel trailers and recreational camping trailers Manufacturer Year Model or Series 3. Manufactured (mobile) homes (see instructions on back) Manufacturer Year Model or Series Length and Width Date Number Acquired Owned Cost Length and Width Date Number Acquired Owned Cost and Watercraft (Assess the value of all Over Under Length and Date Number Manufacturer Year Type Cost 4. Boats property which pertains to craft (§58.1-3500)) 5 Tons 5 Tons Horsepower Acquired Owned (a) Used for recreation and pleasure only . . . . (b) Boat trailers, etc. . . . . . . . . . . . . . . (c) Other . . . . . . . . . . . . . . . . . . . . Model or Date Number 5. Aircraft Manufacturer Year Cost Series Acquired Owned (a) Aircraft owned by scheduled air carriers with seating capacity of no more than 50 persons . . . . . . . . . . . . . . . . . . . . . . . . . (b) All other aircraft and flight simulators . . . . . . . . . . . . . . . . . . . 6. Motor vehicles owned/leased by auxiliary police officers, members or auxiliary members of a volunteer rescue squad, fire department or sheriff’s department or uniformed members of the Virginia Defense Forms (§§58.1-3506(15), (16), (20), (32), and (44)) . . . . . . . . . . . . 7. Motor vehicles owned by a nonprofit organization (§58.1-3506(17)). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Heavy construction machinery (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. Business furniture and listings not returnable as part of merchants’ capital or if not defined as intangible personal property (§58.1-1100). . . . . . . . . . . . 10. Furniture and office equipment, including books, used in practicing a profession. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Tools, hand or power, including woodworking equipment and metal lathes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. Farming implements, including gas engines, electric motors, etc., threshing machines, corn huskers, feed cutters, combines, harvesters, blowers, plows, harrows, rakes, mowers, animal drawn vehicles, peanut pickers, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. Tangible personal property used in research and development business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. Tangible personal property, leased, loaned or otherwise made available from federal, state or local government. . . . . . . . . . . 15. Tangible personal property consisting of programmable computer equipment and peripherals used in business. . . . . . . . . . . 16. Miscellaneous and incidental property used in a trade or business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART II MACHINERY AND TOOLS (see instructions on Page 2) Date Acquired 17. Machinery and tools. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Original Capitalized Cost Value as Listed by Taxpayer Value as Ascertained by Commissioner of the Revenue Value as Listed by Taxpayer Value as Ascertained by Commissioner of the Revenue 18. Energy conversion equipment of MANUFACTURERS (§58.1-3506) . . . . . . . . . . . . . . . . . . . . . . . . . PART III MERCHANTS’ CAPITAL (see instructions on Page 2) 19. Inventory of stock on hand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20. Daily rental passenger cars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21. All other taxable merchants’ capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22. Total taxable merchants’ capital (add lines 19, 20 and 21). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART IV OTHER TANGIBLE PERSONAL PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24. All other tangible personal property not specifically enumerated on this return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25. Total (add lines 1-18, 22, 23 and 24). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FORM 762 (2023) Page 2 Fair Market Value as Listed by Taxpayer PART IV OTHER TANGIBLE PERSONAL PROPERTY Fair Market Value as Ascertained by Commissioner of the Revenue Number Owned 26. (a) Horses, mules and other kindred animals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) Cattle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) Sheep and goats. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) Hogs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e) Poultry — chickens, turkeys, ducks, geese, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . (f) Equipment used by farmers or cooperatives to produce ethanol derived primarily from farm products. . . . . . . . . . . . . . . . . . (g) Grains and other feeds used for the nurture of farm animals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (h) Grain, tobacco and other agricultural products in the hands of a producer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) Equipment and machinery used by farm wineries in the production of wine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27. Felled timber, ties, poles, cord wood, bark and other timber products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28. (a) Refrigerators, deep freeze units, air conditioners and automatic refrigerating machinery. . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) Vacuum cleaners, sewing machines, washing machines, dryers and all other household machinery. . . . . . . . . . . . . . . . . . . (c) Pianos and organs, television sets, radios, phonographs and records and all other musical instruments. . . . . . . . . . . . . . . . (d) Watches and clocks and gold and silver plates and plated ware. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e) Oil paintings, pictures, statuary, and other works of art $ ________ books $ _________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (f) Diamonds, cameos and other precious stones and precious metals used as ornaments or jewelry. . . . . . . . . . . . . . . . . . . . (g) Sporting and photographic equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (h) Firearms and weapons of all kinds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) Bicycles and lawn mowers, hand or power. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (j) Household and kitchen furniture (state number of rooms _______ ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (k) All-terrain vehicles, mopeds, and off-road motorcycles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (l) Electronic communications and processing devices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29. Seines, pound nets, fykes, weirs and other devices for catching fish. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30. Poles, wires, switchboards, etc., telephone or telegraph instruments, apparatus, etc., owned by any person, firm, association or company not incorporated . 31. Toll bridges, turnpikes and ferries (except steam ferries owned and operated by chartered company). . . . . . . . . . . . . . . . . . . . 32. Total of Part IV (add lines 26 through 31 and enter on line 23). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GENERAL INSTRUCTIONS: Complete Form 762, reporting property which you owned on January 1, 2023 2023, then file it with the Commissioner of the Revenue of the County or City generally on or before May 1, 2023. Since some localities have due dates other than May 1, you may want to contact your local office to be sure of the proper due date. Write the word “None” opposite each item of property which you do not own. No property is assessable as tangible personal property if defined by Va. Code § 58.1-1100 as intangible personal property. If additional space is needed, attach a separate schedule. Note: If your motor vehicle is considered by State Law to have a business usage, it does not qualify for Car Tax Relief. Your vehicle is classified as having business usage if any of the following circumstances apply: 1) more than 50% of the mileage for the year was reported as a business expense for Federal Income Tax purposes or reimbursed by an employer; 2) more than 50% of the depreciation associated with the vehicle is deducted as a business expense for Federal Income Tax purposes; 3) the cost of the vehicle is expensed pursuant to Section IRC § 179; or 4) the vehicle is leased by an individual and the leasing company pays the tax without reimbursement from the individual. DEFINITION OF MANUFACTURED HOMES (ALSO KNOWN AS MOBILE HOMES) FOR PART I, LINE 3: “Manufactured home” means a structure subject to federal regulation, which is transportable in one or more sections; is eight body feet or more in width and 40 body feet or more in length in the traveling mode, or is 320 or more square feet when erected on site; is built on a permanent chassis; is designed to be used as a single-family dwelling, with or without a permanent foundation, when connected to the required utilities; and includes the plumbing, heating, air-conditioning, and electrical systems contained in the structure (Va. Code § 36-85.3). “Manufactured homes” are also known as “mobile homes.” INFORMATION FOR MISCELLANEOUS AND INCIDENTAL PROPERTY USED IN A TRADE OR BUSINESS FOR PART I, LINE 16: In order to be considered miscellaneous and incidental property used in a trade or business, the property must not be classified as machinery and tools, merchants’ capital or short-term rental property, and have an original cost of less than $250. INFORMATION FOR PART II, MACHINERY AND TOOLS: If you are engaged in a manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business, report all machinery and tools used in manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business, such machinery and tools being segregated by Va. Code § 58.1-3507, as amended for local taxation exclusively, and each county, city and town being required to make a separate classification for all such machinery and tools. INFORMATION FOR PART III, MERCHANTS’ CAPITAL: If you are a merchant and if locality taxes the capital of merchants, report all other taxable personal property of any kind whatsoever, except money on hand and on deposit and except tangible personal property not offered for sale as merchandise, which tangible personal property should be reported as such on front of this return under PART I. FOR EXECUTORS, ADMINISTRATORS, TRUSTEES, COMMITTEES, GUARDIANS AND OTHER FIDUCIARIES If this is the return of tangible personal property, machinery and tools, or merchants’ capital in the hands of an executor, administrator, trustee, committee, guardian or other fiduciary, such fiduciary must complete so much of both pages of this return as pertains to such property and, in addition, supply the information called for below: 1. Character of Fiduciary: Executor c Administrator c Trustee c Committee c Guardian c Other c Specify__________________ 2. Name of Estate, Trust or Ward_________________________________________________________________________________________________ DECLARATION OF TAXPAYER I declare that the statement and figures submitted on both pages of this return are true, full and correct to the best of my knowledge and belief. I certify that unless otherwise indicated as business use, the vehicles listed herein are for personal use. NOTE — It is a misdemeanor for any person willfully to subscribe a return which he does not believe to be true and correct as to every material matter (Va. Code § 58.1-11). _______________________________________________________________ (Signature of Taxpayer) __________________________________ (Date) _________________________________________________ (Taxpayer’s Phone Number) Executors, administrators, trustees and other fiduciaries must also supply information called for on this return.
2023 Form 762, Return of Tangible Personal Property, Nahcinery and Tools and Merchants’ Capital –FOR LOCAL TAXATION ONLY
More about the Virginia Form 762 Individual Income Tax TY 2023
We last updated the Return of Tangible Personal Property, Machinery and Tools, and Merchant's Capital - for local taxation only in January 2024, so this is the latest version of Form 762, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 762 directly from TaxFormFinder. You can print other Virginia tax forms here.
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TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 760 | Resident Individual Income Tax Return |
| Form 760ES | VA Estimated Income Tax Payment Vouchers and Instructions for Individuals |
| Income Tax Instructions | Virginia Income Tax Instructional Booklet |
| Form VA-4 | Employee's Withholding Exemption Certificate |
| Schedule ADJ | Virginia Income Adjustments Schedule |
View all 136 Virginia Income Tax Forms
Form Sources:
Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 762 from the Department of Taxation in January 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Virginia Form 762
We have a total of twelve past-year versions of Form 762 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 762
2023 Form 762, Return of Tangible Personal Property, Nahcinery and Tools and Merchants’ Capital –FOR LOCAL TAXATION ONLY
2022 Form 762
2022 Form 762, Return of Tangible Personal Property, Machinery and Tools and Merchants’ Capital – FOR LOCAL TAXATION ONLY
2021 Form 762
2021 Form 762, Return of Tangible Personal Property, Nahcinery and Tools and Merchants’ Capital –FOR LOCAL TAXATION ONLY
2020 Form 762
2020 Form 762, Return of Tangible Personal Property, Nahcinery and Tools and Merchants’ Capital –FOR LOCAL TAXATION ONLY
2019 Form 762
2019 Form 762, Return of Tangible Personal Property, Nahcinery and Tools and Merchants’ Capital –FOR LOCAL TAXATION ONLY
2018 Form 762
2018 Form 762, Return of Tangible Personal Property, Nahcinery and Tools and Merchants’ Capital
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