Business Personal Property

Tangible Personal Property

  • Norfolk levies a tax on personal property employed in a trade, business, or profession.
  • This personal property includes, but is not limited to:
    • Equipment
    • Fixtures
    • Furniture
    • Machinery
    • 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 is June 5.
  • The business property assessment rate is 40% of cost, regardless of age.
  • The 2019 BPP Tax rate is $4.33 per $100 of assessed value.

Commercial Boats

  • 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.