Business Tangible Personal Property Tax

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General Information

Virginia tax code requires all business owners, including home based businesses, to file business tangible personal property returns and current asset lists annually. All property located in the Town of Leesburg on January 1 and used or available for use in your business is taxable, including 

  • Property owned by the business
  • Property owned personally and used in the business on a full or part-time basis
  • Property received as a gift
  • Property that is leased or rented
  • Property that is fully depreciated or expensed for federal tax purposes


Paying Business Tangible Personal Property Tax Bills

The Town of Leesburg offers several options for paying business tangible personal property taxes, including online payments. For information about all of the payment options available, please go to the Personal Property Tax Payment Options page. In order to pay online, business owners must have the property ID number, which can be found on the bill. If you do not have the property ID number, email pptax@leesburgva.gov or call 703-771-2726.

Business Tangible Personal Property Taxes are due on June 19th of each year.


Assessments

The Loudoun County Commissioner of the Revenue is responsible for the assessment of all personal property with taxable status in the Town of Leesburg. Business tangible personal property assessments are derived by applying an assessment factor to the property's original capitalized cost. These factors vary according to year of purchase and represent the normal devaluation of property that occurs as equipment ages. Assessments begin at 50% of cost for items purchased in the immediate prior year and decrease by 10% per year to a minimum of 10% of cost for items purchased five or more years ago.

Please contact the Loudoun County Commissioner of the Revenue with any questions regarding assessments of business tangible personal property.


Current Asset Lists

Businesses are required to submit current asset lists in .xls or .csv format to Loudoun County with their annual business property tax returns. Lists may be submitted online at www.loudoun.gov/bppt-file.


Computation of Tax

The Town of Leesburg Council establishes business tangible personal property tax rates each year. The Town determines the tax by multiplying the property’s original cost by the appropriate assessment factor according to the assessment formula, and then multiplying the assessed value by the appropriate tax rate. The current tax rate is $1.00 per $100 of assessed value or 1%. 


Proration

Business tangible personal property tax is assessed on property located in the Town of Leesburg and used or available for use in your business on January 1. If your business is dissolved or discontinued subsequent to January 1, the tax is not prorated for the tax year in which the business is closed. The tax is not prorated for the tax year in which an asset is sold or disposed of. The disposal of that asset should be reported to Loudoun County in the asset list submitted with your next annual renewal.


Annual Renewals

Each year business owners will receive a reminder notification from Loudoun County pertaining to business tangible personal property. It is your responsibility to submit to Loudoun County your business tangible personal property information along with a current asset list by March 1.  If ownership has changed, please notify the Loudoun County Commissioner of the Revenue as soon as possible so that Loudoun County can notify the new owner of the need to file a declaration.