Norfolk levies a tax on personal property employed in a trade, business, or profession. This personal property includes, but is not limited to furniture, fixtures, equipment, machinery and tools.
A detailed depreciation schedule, including all fully depreciated items or a list of fixed assets itemizing all property must be submitted.
This business personal property return must be filed with the commissioner of the revenue by March 1 (unless an extension has been requested in writing and granted).
The payment date of Business Personal Property is June 5. The business property assessment rate is 40% of cost, regardless of age. The 2011 Business Personal Property Tax rate is $4.33 per $100 of assessed value.
Boats registered for business are not subject to the decal fee. The tax rate for business boats will remain $1.50 per $100 of assessed value.