Personal Property tax applies at varying rates to the assessed value of the tangible personal property. Values are established by recognized pricing guides or a percentage of cost based on purchase date. The Commissioner of the Revenue's Office is the only office that has the authority to make an adjustment to an assessment.
Personal Property Returns
Personal property deputies screen all returns for personal property owned January 1 of each year. Property listed must include all furniture, fixtures, tools, machinery, etc.
Every entity operating a business who owns or leases equipment within the County must file a tangible personal property return. Forms are provided by the Commissioner of the Revenue. The required filing includes the listing of equipment or property owned, date of purchase and the purchase price.
Personal Property Return (Form 762) can be submitted electronically by email.
Information Required for Personal Property Assessment
- NADA Consumer Vehicle Values Guide
- Square footage
- Percentage of owners cost
- Federal Income tax return with depreciation schedules
Local Mobile Property
Local Mobile Property is defined as boats, campers, recreational vehicles, trailers and airplanes. Any taxpayer who reasonably believes that the assessment of any Local Mobile Property is in error must apply to the Commissioner of the Revenue.
The application for review must be made within one year from the date of assessment, or one year from the last day of the tax year, whichever is later. For more information, visit the Appeal of Local Mobile Property page.
Personal Property Tax Rates
County Personal Property Tax Rates are assessed at rate per $100 of Assessed Value:
- Tangible Personal Property: $1.65
- Machinery and Tools: $1.41
- Merchant Capital: $2.85 (see Merchant Capital Note)
Merchant Capital Note
Merchant's Capital has an additional assessment ratio applied. Inventory with an assessment of less than $300,000 has an additional percentage of 45% applied. Inventory greater than $300,000 has an additional percentage of 35% applied.
- Junk Yard License: $25 due annually
- Coal, Gas and Oil License:
- Coal: 2% of gross receipts due monthly
- Gas: 3% of gross receipts due monthly
- Oil: 0.5% of gross receipts due monthly
- Business Personal Property Assessment Charts (PDF)
- Business Personal Property FAQs (PDF)
- Mobile Homes Personal Property Tax Information (PDF)
- Personal Property FAQs (PDF)
- Personal Property Tax Exemption for Disabled Veterans (PDF)
- Personal Property Tax Relief (PDF)
- VA State Income Tax (PDF)
- VA State Income Tax FAQs (PDF)