Personal Property

Madison County requires an annual filing of tangible personal property by every taxpayer in accordance with the State Code § 58.1-3518.  The filing deadline is May 1st of each year.  A 10% late filing is assessed for returns that are untimely.  The Commissioner's office mails out the forms to taxpayers who have registered with our office.  It is the responsibility of the taxpayer to file the return even if a return is not delivered to them.  The filing requirements of motor vehicles, trailers, semi-trailers, boats or watercraft which have been previously filed and those which are filed with the Virginia Department of Motor Vehicles, the Virginia Department of Game and Inland Fisheries or other public agency required by law to report the presence of such property within the county has been waived by local ordinance.

Businesses

Businesses are required to file the tangible personal property form annually, listing all property used in the business.  Inventory of businesses is reported and taxed as Merchant's Capitol and reported at merchant's cost.

Madison County Depreciation Schedule

Depreciation values equal purchase price less percentage of depreciation for each class
10% - Business Property
20% - Computers, Heavy Equipment, Machinery & Tools
Year 1 = Purchase Price * .9
Year 1 = Purchase Price * .8
Year 2 = Year 1 * .9
Year 2 = Year 1 * .8
Year 3 = Year 2 * .9
Year 3 = Year 2 * .8
Year 4 = Year 3 * .9
Year 4 = Year 3 * .8
Year 5 = Year 4 * .9
Year 5 = Year 4 * .8
...etc.
...etc.
Minimum depreciated value $100
Item used in the business remains taxable until disposed of
  1. 2023 Business Tangible Property Return - Form 762 (PDF)
  2. 2023 High mileage consideration (PDF)
  3. Business Tangible Property Depreciation Schedule (JPG)
  4. New Business Registration Form (PDF)
  5. Personal Property Appeal Form (PDF)