County Offices Commissioner of the Revenue Business Tangible Personal Property Tax
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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 $4.40 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 100% of original installed cost, but is taxed at a rate of $0.95 per $100 of assessed value. Please call the business section with questions, or to request a filing form.
Lodging Tax is
2% 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
quarterly
A Meals Tax is imposed by Isle of Wight County. The meals tax rate is 4%. The Towns of Smithfield and Windsor also impose a meals tax of 4%.
Utility Consumers' Tax
is levied on all residential, commercial or industrial consumers of
telephone, gas, and electric services. Residential consumers pay 10% of
the first $15. Commercial or industrial consumers pay 10% of the first
$1,000. The tax is included in the monthly statement from the public
utility company.
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