Department of Finance
900 E. Broad Street
Room 102
Richmond, VA 23219
(804) 646.5690
Email Finance
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Machinery and Tools Property Tax
Due date: May 1 of each year
Tax rate: $2.30 per $100 of assessed value
Description: Localities in Virginia are authorized by the Code of Virginia
to segregate certain machinery and tools for local taxation. The machinery
and tools tax is levied on the machinery and tools that are used for
manufacturing, mining, processing or reprocessing, radio or television
broadcasting, dairy, dry cleaning or laundry business. The tax rate on
machinery and tools may not be higher than that imposed on other classes
of tangible property.
How does it work: A tax of two dollars and thirty cents ($2.30) on each one
hundred dollars ($100.00) of assessed value is levied and collected each year
on all machinery and tools. In assessing the value of such machinery and tools,
the Director of Finance is authorized and directed to require that each person
who owned any taxable machinery or tools on the first day of the tax year makes
a return under oath of the original price, the year purchased (owned as of January 1)
and the assessed value as determined by applying the depreciation schedule of such machinery and tools.
Appeals: Taxpayers/property owners can appeal assessments to the Director
of Finance and/or to the Richmond Circuit Court.
To view the City and State laws which govern machinery and tools tax, select any of the following links:
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