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:
Office equipment
Computer equipment
Fixtures
Furniture
Merchant's capital
Machinery and tools
Tax Details & Cost
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.
Filing Deadlines
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.