Form 762: Virginia Return of Tangible Personal Property, Machinery and Tools, and Merchants' Capital

Enter your Name and your social security number or FEIN, then the Name of spouse and the Spouse's social security number.

Enter the Home address (Number and street or rural route), the City, town or post office, State and ZIP Code, the County or City, and the District, Ward or Town.

On line 1, Motor vehicles, enter the Trade Name of Motor Vehicle, Year, Model or Series, No. Cylinders or Tonnage, Date Acquired, Number Owned, Air Cond. Yes or No, and Fair Market Value as Listed by Taxpayer for (a) Automobiles (not daily rental passenger cars), (b) Motorcycles, (c) Autocycles, (d) Trucks, (e) Tractors and trailers, (f) Antique motor vehicles, or (g) All other motor vehicles and motor homes.

Under Business Use, use Yes or No.

Leased vehicles for business use do not qualify for the personal property tax reduction.

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.

On line 2, Manufactured (mobile) offices, campers, travel trailers, and recreational camping trailers, enter the Manufacturer, Year, Model or Series, Cost, Length and Width, Date Acquired and Number Owned.

On line 3, Manufactured (mobile) homes, enter the Manufacturer, Year, Model or Series, Cost, Length and Width, Date Acquired and Number Owned.

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."

On line 4, Boats and Watercraft, assess the value of all property which pertains to craft (§58.1-3500), and enter the Manufacturer, Year, Type, Cost, Length, Over 5 Tons or Under 5 Tons, Horsepower, Date Acquired and Number Owned for (a) Used for recreation and pleasure only, (b) Boat trailers, etc., or (c) Other.

Line 7 is Motor vehicles owned by a nonprofit organization (§ 58.1-3506(17)). Line 8 is Heavy construction machinery (attach schedule). Line 9 is Business furniture and listings not returnable as part of merchants' capital or if not defined as intangible personal property (§ 58.1-1100). Line 10 is Furniture and office equipment, including books, used in practicing a profession. Line 11 is Tools, hand or power, including woodworking equipment, and metal lathes.

Line 13 is Tangible personal property used in research and development business. Line 14 is Tangible personal property, leased, loaned or otherwise made available from federal, state, or local government. Line 15 is Tangible personal property consisting of programmable computer equipment and peripherals used in business. Line 16 is Miscellaneous and incidental property used in a trade or business.

For Part I, line 16, 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 (checked November 1, 2026).

Part II, Machinery and Tools, has line 17, Machinery and tools, and line 18, Energy conversion equipment of MANUFACTURERS (§ 58.1-3506); see the instructions on Page 2.

Part III, Merchants' Capital, has line 19, Inventory of stock on hand; line 20, Daily rental passenger cars; and line 21, All other taxable merchants' capital; line 22 is the Total taxable merchants' capital (add lines 19, 20, and 21). Enter the Value as Listed by Taxpayer.

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.

In Part IV, Other Tangible Personal Property, line 28 is (a) Refrigerators, deep freeze units, air conditioners, and automatic refrigerating machinery; (b) Vacuum cleaners, sewing machines, washing machines, dryers, and all other household machinery; or (c) Pianos and organs, television sets, radios, phonographs and records, and all other musical instruments.

Also on that line: (d) Watches and clocks and gold and silver plates and plated ware; (e) Oil paintings, pictures, statuary, and other works of art, and books; (f) Diamonds, cameos and other precious stones and precious metals used as ornaments or jewelry; (g) Sporting and photographic equipment; or (h) Firearms and weapons of all kinds.

Also on that line: (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; or (l) Electronic communications and processing devices.

Line 32 is the Total of Part IV (add lines 26 through 31 and enter on line 23).

Line 23 is the Total amount of Part IV from line 32 on the back of the return, line 24 is All other tangible personal property not specifically enumerated on this return, and line 25 is the Total (add lines 1-18, 22, 23, and 24).

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 in 1. Character of Fiduciary (Executor, Administrator, Trustee, Committee, Guardian, Other, Specify) and 2. Name of Estate, Trust or Ward.

In the Declaration of Taxpayer, you declare that the statement and figures submitted on both pages of this return are true, full and correct to the best of your knowledge and belief.

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.

Complete Form 762, reporting property which you owned on January 1, 2026, then file it with the Commissioner of the Revenue of the County or City generally on or before May 1, 2026.

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).

By signing you certify that unless otherwise indicated as business use, the vehicles listed herein are for personal use.