58.1-3518 - Taxpayers to file returns.
§ 58.1-3518. Taxpayers to file returns.
Every taxpayer owning any of the property subject to taxation under thischapter on January 1 of any year shall file a return thereof with thecommissioner of the revenue for his county or city on the appropriate forms;however, the commissioner of the revenue may elect not to require such areturn from any taxpayer who owns such property which does not havesufficient value to generate a tax assessment. Every person who leases any ofsuch property from the owner thereof on such date shall file a return withthe commissioner of the revenue of the county or city wherein such propertyis located giving the name and address of the owner, except any personleasing a motor vehicle which is subject to the tax imposed under §58.1-2402. Such returns shall be filed on or before May 1 of each year,except as otherwise provided by ordinance authorized by § 58.1-3916.
Every fiduciary shall file the returns mentioned in this chapter with thecommissioner of revenue having jurisdiction. Every taxpayer owning machineryand tools or business personal property, if requested by the commissioner ofthe revenue, shall include on his annual return of such property informationas to the total of original cost by year of purchase. The cost should be theoriginal capitalized cost or the cost that would have been capitalized if theexpense deduction in lieu of depreciation was elected under § 179 of theInternal Revenue Code.
(Code 1950, § 58-837; 1974, c. 387; 1976, c. 547; 1978, c. 393; 1980, c. 317;1984, c. 675; 1990, c. 705; 1995, c. 29.)