Business Tax Assessments

BP TAX ASSESSMENTS

Transcript

Business Property

Section 58.1-3518 of the Code of Virginia requires that ALL tangible personal property (business property) owned, leased, rented, or borrowed as of January 1 of each year, which was used or available for use in a business / profession in Stafford County shall file a return.

Business Property are assessed at a percentage of original cost using the following depreciation schedule:

1st year - 35%
2nd year - 30%
3rd year - 25%
4th year - 20%
5th year and all prior years - 15%
 


Merchants Capital

Section 58.1-3510 of the Code of Virginia states Inventory of stock on hand; daily rental vehicles as defined in § 58.1-1735; and all other taxable personal property of any kind whatsoever, except money on hand and on deposit and except tangible personal property not offered for sale as merchandise, which tangible personal property shall be reported and assessed as such.

Inventory of stock on hand and is assessed at 100% of cost.
 


Data Centers

Section 58.1-3503 (17) states all computer equipment and peripherals used in a data center.

Data Center Property are assessed at a percentage of original cost using the following depreciation schedule:

1st year - 50%
2nd year - 35%
3rd year - 20%
4th year - 10%
5th year and all prior years - 5%
 

Data Centers: Regional Memorandum of Understanding


Machinery & Tools

Equipment used in manufacturing, mining, processing or reprocessing, radio or television broadcasting, cable television, dairy, dry cleaning or laundry business, and trucks used for hire that qualify as common carriers.  

Machinery & Tools are assessed at a percentage of original cost using the following depreciation schedule:

1st year - 90%
2nd year - 80%
3rd year - 65%
4th year - 50%
5th year - 35%
6th year and all prior years - 20%