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1. What is considered Business Personal Property?

Virginia State Code Section 58.1-3503(17) defines business personal property as all tangible personal property employed in a trade or a business. Businesses are assessed on, but not limited to, office furniture, fixtures, equipment, machinery and tools, and merchants capital.

2. What is the tax rate for Business Personal Property?

The 2022 tax rate for Business Personal Property is $2.20 per $100 dollars of value.

3. How do I file a Business Property tax return? What is the deadline?

Business Personal Property forms are mailed each January and must be filed by May 1 of each year. If you do not receive a form by mail, you may obtain one from the Commissioner of the Revenue's Office.

4. I work out of my home. Do I still have to file Business Personal Property Tax?

Yes. The Business Personal Property Tax must be paid on all business equipment.

5. I depreciate the value of my Business Personal Property each year for tax purposes. How does that impact the way my return is filed with Orange County?

For our purposes, the tax is based on the original cost of the equipment. Each year we utilize a declining value scale, based on the year of acquisition, to adjust the value for taxation.

6. Do I have to file a new Business Property return each year?

Yes. In order to keep our records accurate, the information needs to be updated each year to reflect any changes.