Personal Property Statement With Example In Fairfax

Q: What is subject to personal property tax in Virginia?

The Code of Virginia 58.1. 3503, provides for the categories of property and the methods of assessment available to commissioners. The Personal Property Taxpayers division assesses all vehicles including cars, trucks, trailers, motorcycles, motor homes, aircraft and watercraft.

Category:

Leases - Contracts

State:

Multi-State

County:

Fairfax

Control #:

US-00123

Format:

Instant download

Description

The Personal Property Statement with example in Fairfax is a legal document designed for the leasing of personal property between a lessor and a lessee. It outlines the terms of the lease, such as the property description, lease duration, and responsibility for repairs and maintenance. Key features include provisions for assignment and subleasing, indemnity clauses, and clearly defined roles of the parties involved. Filling out the form requires specific details about the property and the parties, and it is important to ensure all sections are completed to avoid potential legal issues. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who facilitate leasing agreements. It provides a framework to protect the interests of both lessor and lessee, minimizing disputes related to property use. Additionally, the form serves as a reference in case of legal action, ensuring that all agreements are documented and enforceable under local laws.

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Form popularity

FAQ

5 steps to fill out a business personal property rendition quickly and accurately Review your property tax accounts. Take stock of your assets. Select the appropriate business personal property rendition forms. Prepare the personal property renditions. File your business personal property rendition packages.

The Code of Virginia §58.1. 3503, provides for the categories of property and the methods of assessment available to commissioners. The Personal Property Taxpayers division assesses all vehicles including cars, trucks, trailers, motorcycles, motor homes, aircraft and watercraft.

The tax rate for most vehicles is $4.57 per $100 of assessed value. For properties included in a special subclass, the tax rate is $0.01 per $100 of assessed value. This special subclass includes the following: privately-owned vans used for van pools.

Calculating the Tax Assessed value of the vehicle is $8,000. Apply the $4.15 tax rate: ($4.15 / 100) x $8,000 = $332.00. Calculate personal property relief: 28% (for 2024) x $332.00 = $92.96. Reduce the tax by the relief amount: $332.00 - $92.96 = $239.04. Annual Tax Amount = $239.04.

When a tax due date falls on a weekend, it automatically extends to the next business day. The personal property tax rate is 3.96% of assessed value for calendar year 2024. A mobile home classified as personal property is taxed at real estate tax rate at 0.854% of assessed value for calendar year 2024.

Tax Rates. The current tax rate for most personal property in Fairfax County is $4.57 for each $100 of assessed value.

The owner has a distributive right to exclude others (i.e. the right to command a "fair share" of personal property). In anarchist theory, private property typically refers to capital or the means of production, while personal property refers to consumer and non-capital goods and services.

Business Personal Property Tax is a tax assessed on tangible personal property businesses own. This type of property includes equipment, furniture, computers, machinery, and inventory, among other items not permanently attached to a building or land.