Business Personal Property

All businesses operating in Rockbridge County shall report their business personal property on or before March 1 of each year in order to avoid any penalties and/or interest. Business personal property owned by the business on January 1 of the tax year is taxable property for that year.  Business personal property, machinery and tools are not prorated.  However, vehicles utilized in a business are prorated.

Business personal property tax is a tax on the furniture, fixtures, machinery, and tools used in a business, trade, or profession. The Code of Virginia (┬ž58.1-3503) states that all tangible business personal property is taxable for the physical life of the property regardless of age (1 day or 1,000 years old). Taxable assets include items that have been received free of charge, as a gift, or personal items that have been brought from home to use in the business. Taxable property also includes items that have been partially or fully depreciated for income tax purposes.


Business Personal Property Form



Assessments of Business Personal Property

Heavy Construction Equipment and Machinery....................................Assessed at owner's cost: 1st year-50%, 2nd year-40%
                                                                                                              3rd year-30%, 4th year-20%, 5th year and older-10%

Office Equipment, Furniture, Fixtures, Computers...............................Assessed at 25% of the owner's cost and remains the
                                                                                                              same until disposed of

Hand and Power Tools, Expense Equipment....................................... Assessed at 25% of the owner's cost and remains the
and Other Related Equipment                                                               same until disposed of

Road Tractors and Trailers
2014 Models.........................................................................................Assessed at 85% of the owner's cost
2013 and Older Models........................................................................Assessed at 85% previous year's assessment to a
                                                                                                             minimum of $250.
                                                                                                             Note:  If the tractor is used for over-the-road operations the owner should 
                                                                                                                                   file a report with this office stating how many miles out of his total for the
                                                                                                                                   year were traveled in Virginia.  That Virginia mile percentage should then be
                                                                                                                                   used to calculate the assessment for the year, for example if 25% of his 
                                                                                                                                   total miles were traveled in Virginia then you would assess 25% of the 85% 
                                                                                                                                   for taxing.  If the owner does not report his miles then a full (85%) 
                                                                                                                                   assessment shall be used.