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1. What is considered Business Personal Property?

Virginia State Code Section § 58.1-3503(17) defines business personal property as all tangible personal property employed in a trade or business. Businesses are assessed on, but not limited to, office furniture, fixture, equipment, machinery and tools, and computer equipment.

2. What is the tax rate for business personal property?

The current tangible business property tax rate can be found on the following page.

3. How do I file a business property return? What is the deadline?

We mail all current business owners this form with their license renewal packet each January. The deadline for filing business personal property forms is March 1 of each year. Business personal property forms obtained by calling (804) 966-9610 or downloaded through this link.

4. I work out of my home; do I still have to file?

Yes. The business personal property tax must be paid on all business equipment.

5. How is my business property valued?

For our purposes, the assessment is based on the original cost of the equipment and purchase date. Each year we use a declining value scale, based on the year of acquisition, to adjust the value for taxation.

6. Do I have to file a new business property return each year?

Yes. In order to keep our records accurate, the information needs to be updated each year to reflect any changes.

7. Do I have to file if I have no equipment to report?

If you are a business located in New Kent County, you must report each year even if you do not have any equipment.