Frequently Asked Business Personal Property Questions

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Wise County
Commissioner of the Revenue

Wise County Courthouse
206 E. Main St.
Room 226
PO Box 1278
Wise VA  24293

Email
(276) 328-3556
Fax (276) 328-6937

Mon - Fri 8:30 AM - 4:30 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 31.  This is called a statutory assessment.

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The information contained within this site is provided as a public service by the Wise County Commissioner of the Revenue's Office.  This data is subject to change at any time.  This office gives no warranty, expressed or implied, as to data quality, content, accuracy, reliability or completeness; and does not assume responsibility for the same.  Links to external servers do not imply any official endorsement of the opinions or ideas expressed therein, or guarantee the validity of the information provided.  Information presented on this website is considered public information and may be distributed or copied.

 
 
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