What should be included on the asset list?
Business personal property tax includes items that have been purchased by the business to use, or have with the intent to use, to operate any aspect of the business. Taxable assets include items that have been received free of charge, as a gift, or personal items that have been brought from home to use in the business. Taxpayer property includes items that have been fully depreciated for income tax purposes regardless of age. The fixed asset list should include every item in the business - not just new purchases or items recently received. Taxable items include but are not limited to equipment, vacuum cleaners, sanders, hand tools, saws, climbing equipment, ropes, electric tools, ladders, yard tools, mowers, pressure washers, air compressors, tripods, cameras, lenses, film developing equipment, hair styling equipment, massage tables, hot stones, movable shelves and racks, baby cribs, play pens, toys, kitchen utensils, kitchen appliances, linens, filing cabinets, desks, chairs, wall pictures and hangings, lamps, furniture, decorations, storage cabinets, heaters, fans, photocopiers, fax machines, calculators, digital cameras, lap top computers, and computer equipment excluding software packages.

Show All Answers

1. What is business personal property tax?
2. How is business personal property assessed?
3. What is the tax rate for the City of Roanoke?
4. Who is required to file the business personal property tax return?
5. What is the deadline for filing business personal property returns?
6. What is a detailed fixed asset list?
7. What should be included on the asset list?
8. What items are exempt from the business personal property tax?
9. Is there a minimum dollar amount that does not have to be reported?
10. Is leased equipment taxable?
11. Are vehicles assessed for business personal property tax?
12. When are the annual business personal property tax bills mailed?
13. When are the annual business personal property tax bills due?
14. What should I do if my business has an address change, moves, or closes?