Wise
County
Commissioner of the Revenue |
 |
| Wise
County Courthouse
206 E. Main St.
Rms. 224 & 226
PO Box 1278
Wise VA 24293 |
Email
(276) 328-3556
Fax (276) 328-6937
Mon - Fri 8:30 AM - 5:00 PM |
Frequently
Asked Business Personal Property Questions
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Who
is required to file?
Anyone
conducting business as an individual, partnership
or corporation, or if you own leased business
equipment in Wise County on January 1, must file
by May 1, with the Commissioner of the Revenue,
P.O. Box 1278, Wise, VA
24293. If you are unable to file
by May 1, a request for a 30 day extension can
be made in writing to the Commissioner of the
Revenue. It must be made prior to May 1.
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What
items are listed on the Business Tangible Personal
Property Declaration?
All
furniture, fixtures, tools and equipment used
in a trade or business. Machinery and tools
used in a manufacturing, mining, processing or
reprocessing, radio or television broadcasting,
dry cleaning or laundry business.
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What
information is needed for these items?
Provide
a complete schedule of all personal property used
in your business. The schedule should include
the name of item, acquisition date and cost (whether
fully depreciated or not for federal income tax
purposes). In the event there was no cost
for acquisition, an estimate of fair market value
at the time of acquisition will suffice.
A copy of detailed depreciation schedules
must also be attached.
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What
happens if I don't file?
Since
assessment is based on information you provide,
if none is provided, the Commissioner of Revenue
is required by law to assess the property based
on the best information available which will result
in a tax due on October 15. This is called
a statutory assessment.
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