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State & Local Taxes

State & Local Taxes

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.
Woman Preparing Taxes

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.
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Colonial Heights Economic Development serves as a single resource and point of contact for companies, site selection consultants, brokers, and corporate real estate executives interested in developing or locating sites within the city.

Get in Touch

Colonial Heights Economic Development
201 James Avenue
Colonial Heights, VA 23834

804-520-9265