Business Tangible Personal Property Tax

 

Business tangible personal property is assessed on furniture, fixtures, and other equipment owned by a business in Isle of Wight County on January 1. All property is subject to this tax, including property that has been fully depreciated for federal tax purposes. Businesses are required to file a detailed property report with the Commissioner of the Revenue by May 1. Business property is assessed at 40% of original cost and is taxed at a rate of $4.50 per $100 of assessed value.

The requirements for filing of manufacturer’s machinery and tools are the same as business property. Machinery and tools is assessed at 40% of original installed cost, but is taxed at a rate of $4.24* per $100 of assessed value. (*Effective for one year beginning July 1, 2017.  Rate will revert to $1.75/$100 on July 1, 2018.)

Please call the business section with questions, or to request a filing form.

BUSINESS LOCATION? To determine whether your business is located within the Town of Smithfield, Windsor, or within Isle of Wight County, please click here

Lodging Tax is 5% and collected by every hotel public or private, inn hostelry, tourist home or house, motel, rooming house or other lodging place within the County offering lodging, for compensation, to any transient (90 consecutive days or less.) Those collecting the tax must register with the Commissioner of the Revenue, report and remit the tax by the 20th of each month.  The Town of Smithfield’s lodging tax is 6%.

Meals Tax is imposed by Isle of Wight County at a tax rate of 4%.  The Town of Windsor imposes a 5%  rate and the Town of Smithfield’s rate is 6.25%.  Those collecting the tax must register with the Commissioner of the Revenue, report and remit the tax by the 20th of each month.

Electric Utility Consumer Tax

Residential consumers:  Such tax shall be twenty percent times the minimum monthly charge imposed by the service provider plus the rate of $0.15626 on each kWh delivered monthly to residential consumers by the service provider, not to exceed three dollars per month.

Commercial/Industrial consumers:  Such tax shall be twenty percent times the minimum monthly charge imposed by the service provider plus the rate of $0.14776 on each kWh delivered monthly,  not to exceed two hundred dollars per month.

Local Natural Gas Utility Consumer Tax

Residential consumers:  Such tax on residential consumers of natural gas shall be twenty percent times the minimum monthly charge imposed by the service provider plus the rate of $0.1867 per CCF delivered monthly to residential consumers, not to exceed three dollars per month.

Commercial/Industrial consumers:  Such tax shall be twenty percent times the minimum monthly charge imposed by the service provider plus the rate of $0.15716 on each CCF delivered monthly to commercial/industrial consumers,  not to exceed two hundred dollars per month.

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