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 $3.90 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 $1.75 per $100 of assessed value.
Please call the business section with questions, or to request a filing form.