Virginia Personal Property Tax

Alerts and notices

The UltraTax/Virginia Personal Property Tax application supports 1040, 1041, 1065, 1120, and 1120S entities. It prepares the personal property tax returns from depreciation data entered in the Asset Detail dialog.

Virginia forms and schedules

  • Form 762 - Return of Tangible Personal Property, Machinery and Tools, and Merchant's Capital
  • Arlington County Return - Business Tangible Property Tax Return
  • Form PP20 - Return of Business Tangible Personal Property
  • Form PP22 - Return of Machinery and Tools
  • Form 740-A - Business Return of Tangible Personal Property
  • Prince William County Return - Return of Business Tangible Personal Property
  • Form CR-13 - Tangible Personal Property, Machinery & Tools
  • Goochland County, Virginia - Return of Business Tangible Personal Property
  • Goochland County, Virgina - Return of Machinery and Tools

Depreciation treatments required for all VA PPT assets

The Book or VA treatment must be entered for Virginia Personal Property Tax returns. By default, the Book treatment transfers to the return. However, if the Complete return using the VA treatment within the Asset module field is marked on Screen Gen in the General folder for UltraTax/Virginia Personal Property Tax, the VA treatment will transfer to the return.

Note: If you previously entered depreciation data for only the Tax treatment, you can copy asset data from the Tax treatment to the Book treatment or to the VA treatment.

Associations required for all VA PPT assets

  • Situs: Each asset must have Virginia selected in the Situs field to transfer to the Virginia Personal Property Tax return.
  • Location: Enter the address at which the property is located. A property tax return is created for each location entered. This information transfers to the Location field on the Arlington and Prince William County returns, Form PP20, Form PP22, and Form 740-A. The maximum number of characters that transfer is 25.
  • PPT type - VA: Enter the appropriate personal property type for the asset. Assets with the following property types transfer to the various Virginia city and county returns.
    • Computer equipment
    • Earth moving & coin operated laundry equipment
    • Furniture and fixtures
    • Machinery and tools
    • Other

      Assets with the Earth moving & coin operated laundry equipment property type transfer to the Prince William County return. If the association fields are left blank or X - Exempt is selected, the asset will not transfer to any Virginia personal property tax return.

      Note: The list for this association is maintained by UltraTax CS and Fixed Assets CS and cannot be modified.

Additional associations for VA PPT city and county returns

The User Defined County / City option is used for municipalities that accept the generic Virginia Property Tax Form 762. To enter information for the User Defined County / City, in UltraTax/Virginia Personal Property Tax, choose Setup > [Entity] > Virginia PPT > Assessors Info. Then, select the User Defined County / City from the County/City field in Screen Return, located in the Property folder.

  • Quantity: Enter the quantity of the asset. This information transfers to the Virginia Beach Form Cr-13, page 2. The maximum number of characters that transfer is 10.
  • Fair market value: Enter the fair market value of the asset. This information transfers to the Fair Market Value column on Form 762. The maximum number of characters that transfer is 10.
  • Report on PP22-VA: Mark this checkbox to indicate that the asset is used in manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business. The asset will then transfer to the Form PP22.

See also

Entering de minimis assets

UltraTax CS personal property tax returns