Business Personal Property

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.

We have created a template you can use to create an asset list to report your tangible business property, just click the link below to download and complete to submit: