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Assessment Methods for Personal Property - 2018
Automobiles & Trucks (< 15,000 pounds)
- NADA - Clean Loan Value
CPI - Lowest Value (fair value) - NADA Commercial Truck Guide (Loan Value)
- Percentage of Original Cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| 2018 | 90% |
| 2017 | 70% |
| 2016 | 60% |
| 2015 | 50% |
| 2014 | 40% |
| 2013 | 30% |
| 2012 | 20% |
| 2011 to 1999 | 10% |
| 1998 and prior | Minimum value (these model years no longer appear in NADA data, or are antique vehicles) |
- Minimum Assessment - $100
- Adjustment for condition (visual inspection/repair estimate): Not repaired as of January 1
- Adjustment for condition (noted on title by DMV): If the title indicates salvage, rebuilt, or water damage, reduce NADA value by 10%
- Adjustment for mileage: Must be valued by NADA: Proof of mileage as of January 1
Trucks (> 15,000 pounds)
- NADA - Clean Loan Value
CPI - Lowest Value (fair value) - NADA Commercial Truck Guide (Loan Value)
- Percentage of Original Cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| 2018 | 90% |
| 2017 | 70% |
| 2016 | 60% |
| 2015 | 50% |
| 2014 | 40% |
| 2013 | 30% |
| 2012 | 20% |
| 2011 and prior | 10% |
- Minimum Assessment - $1,000
- Adjustment for condition (visual inspection/repair estimate): Not repaired as of January
- Adjustment for condition (noted on title by DMV): If the title indicates salvage, rebuilt, or water damage, reduce NADA value by 10%
- Adjustment for mileage: Effective; must be valued by NADA to receive mileage adjustment. Proof of mileage as of January
Motorcycles
- NADA - Rough Trade-In
- Percentage of Original Cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| 2018 | 90% |
| 2017 | 70% |
| 2016 | 60% |
| 2015 | 50% |
| 2014 | 40% |
| 2013 | 30% |
| 2012 | 20% |
| 2011 to 1999 | 10% |
- Minimum Assessment - $100
Low Speed Vehicles
- Based on percentage of original cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| January 1, 2018 | 90% |
| January 2, 2018 and after | Not taxable for 2017 |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 20% |
- Minimum Assessment - $100
Motor Homes/RVs (No PPTR)
- Assessment based on percentage of original cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| 2018 | 90% |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 20% |
- Minimum Assessment - $100
Boats
- Assessment based on percentage of original cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| January 1, 2018 | 90% |
| January 2, 2018 and after | Not taxable for 2017 |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 10% |
- If cost of boat is not available, use the NADA Small Boat Appraisal Guide. Locate the boat in the Guide by make, model and foot length. Take the Used Wholesale Value for the current assessed value of the boat.
- Effective January 1, 2017 - Boats less than 18 feet in length, used for personal use, and non-motorized are exempt from personal property tax per county ordinance.
- Minimum Assessment - $100
Heavy Equipment
- Based on percentage of original cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| January 1, 2018 | 90% |
| January 2, 2018 and after | Not taxable for 2017 |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 10% |
- Minimum assessment:
- 14,999 pounds and under - $ 100
- 15,000 pounds and over - $1,000
Trailers (All)
- Based on percentage of original cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| January 1, 2018 | 90% |
| January 2, 2018 and after | Not taxable for 2017 |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 10% |
- Minimum assessment:
- 14,999 pounds and under - $ 100
- Personal property tax on trailers is not prorated
Aircraft (Includes Helicopters & Hot Air Balloons)
- Based on the Aircraft Bluebook Digest, using the “Wholesale” figure
- Percentage of Original Cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| January 1, 2018 | 90% |
| January 2, 2018 and after | Not taxable for 2017 |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 10% |
- Personal property tax on aircraft is not prorated
Business Personal Property
- Assessment based on a percentage of original cost
Pertains to Furniture & Fixtures as Well as Business Equipment
| Year Purchased | Percentage of Original Cost |
|---|---|
| January 1, 2018 | 90% |
| January 2, 2018 and after | Not taxable for 2017 |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 10% |
Pertains to Computer Equipment & Peripherals
| Year Purchased | Percentage of Original Cost |
|---|---|
| January 1, 2018 | 90% |
| January 2, 2018 and after | Not taxable for 2017 |
| 2017 | 70% |
| 2016 | 50% |
| 2015 | 40% |
| 2014 | 30% |
| 2013 | 20% |
| 2012 and prior | 10% |
- Personal property tax on business property is not prorated
Machinery & Tools Used in a Manufacturing or Processing Business
- Assessment based on a percentage of original capitalized cost
| Year Purchased | Percentage of Original Cost |
|---|---|
| 2008 to 2016 | 25% |
| 1998 to 2007 | 20% |
| 1997 and prior | 15% |
- Personal property tax on machinery and tools is not prorated
Mobile Homes
Mobile Homes are assessed based on price per square foot as determined in the Wingate Mobile Home Appraisal Guide (based on single and multiple sections rates).
Appealing a Business Tax Assessment
Any taxpayer who disagrees with an assessment of a local business tax, including business license tax, business tangible personal property tax, and machinery and tools tax, may appeal to the commissioner of the revenue for correction of such assessment within at least one year of the last day of the tax year for which such assessment is made, or within one year of the date of the appealable event (for business license assessments) or date of assessment (for business tangible personal property and machinery and tools assessments), whichever is later.
The written application for correction must be filed with the commissioner of the revenue at the office or by mail at:
P.O. Box 124
Chesterfield, VA 23832-0908
A local administrative appeal must be filed in good faith and sufficiently identify the:
- Amount in dispute
- Each alleged error in the assessment
- Grounds upon which the taxpayer relies
- Remedy sought
- Tax periods covered by the challenged assessments
- Taxpayer
- Any other facts relevant to the taxpayer's contention
Appealing a Vehicle Assessment
A taxpayer has three years from the end of the tax year in which an assessment was made, to appeal the assessment and ask for a correction. Please contact the Commissioner of Revenue’s Office and provide documentation to support the request for a change in the assessment.
For more details on appealing assessment please review the general information.