Business Personal Property Taxes

 

In addition to paying personal property taxes on any vehicles operated in Hanover County, business owners also pay taxes on business tangible personal property. Business tangible personal property includes:

  • Office equipment
  • Computer equipment
  • Fixtures
  • Furniture
  • Merchant's capital
  • Machinery and tools

Business personal property is assessed on a declining scale based on the cost and year of acquisition. Machinery and tools are assessed at 10% of their original cost.

Business Personal Property Returns must be filed annually by May 1. Returns filed after May 1 are assessed a late filing fee. Businesses that do not file a return receive a statutory assessment.