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:
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.
Commissioner of the Revenue Forms