Tangible Personal Property
Business Personal Property Forms
- 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 the original cost, regardless of age.
- The Business Personal Property tax rate is $4.33 per $100 of assessed value.
Machinery and Tools
Machinery and Tools Forms
- The following business classifications report and pay taxes on machinery and tools only. Dry Cleaners, Manufacturers, Miners, Processors or Re-processors, Radio or Television Broadcasters and Water Well Drilling.
- The Machinery and Tools tax rate is $4.25 per $100 of assessed value.
If you use Google Docs we have created a template you can use to create an asset list to report your tangible business property:
https://docs.google.com/spreadsheets