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Business Equip/Machinery & Tools

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 $1.95 per $100 of assessed value.

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

Semi-Annual Personal Property Billing
In July 2014, the Board of Supervisors voted to implement semi-annual personal property tax billing for 2015. The first-half is due June 5, and the second-half will be due December 5.

Machinery and Equipment will be due August 5 and December 5.