Business Tangible Personal Property Tax
The Code of Virginia requires all business owners, including home based businesses, to annually report Business Tangible Personal Property for taxation. The Business Tangible Personal Property Tax rate is $1 per $100 of assessed value, which is in addition to Loudoun County’s personal property tax. Business Tangible Personal Property filings and payment are collected by the County of Loudoun.
Filing and Payment
- Business Tangible Personal Property includes property located in Loudoun County on January 1 that was used or available for use in your business, including furniture, fixtures, computer equipment, machinery, tools, and heavy equipment. This includes property owned by the business, property owned personally and used in the business on a full- or part-time basis, property received as a gift, property that is leased or rented, and property that is fully depreciated or expensed for federal tax purposes.
- Some property owned by a business has been classified as intangible by §58.1-1101 of the Code of Virginia, including application software not held for sale, and property with an original cost of less than $25 that is not considered machinery and tools.
- Code of Virginia §58.1-3903, Omitted Local Taxes and Levies requires that a Commissioner of the Revenue who ascertains that any local tax has not been assessed for any tax year of the three preceding tax years, or that the same has been assessed at less than the law required for any or more such years, to assess taxes at the rate or rates prescribed for that year, adding thereto penalty and interest.
- Business Tangible Personal Property Taxes are billed semiannually and paid to the Loudoun County Treasurer by May 5 and October 5 of each year.
For additional information about Business Tangible Personal Property filing and assessment, please contact the Commissioner of Revenue’s Office. For additional information about Business Tangible Personal Property Tax bills, please contact the Treasurer’s Office.