Business Tangible Personal Property Tax

A business tangible personal property tax is assessed on the value of all furniture and fixtures, machinery, and tools used in Colonial Heights businesses.

Tax Rate

The property is assessed on a sliding percentage scale of its original capitalized cost, depending on its age. The 1998 tax rate is $3.50 per $100 assessed value. The schedule for assessing all business tangible personal property, which has been in effect for many years, is 60% for the first year, decreasing at a rate of 10% each year until it reaches 20% in the fifth year and for the remaining years the property remains in service.

Machinery & Tools Rate

The machinery and tools rate is $2 per $100. Rates begin at 90% of cost for the first year, decreasing at a rate of 10% each year until it reaches 40% in the sixth year and remaining years the property remains in service. The filing deadline is January 31.

Assessments

January 1 of each year, all business tangible personal property located in the City of Colonial Heights is assessed for the full year. This tax is never prorated.