Isle of Wight to reexamine machine, tools tax method

Published 9:41 am Wednesday, August 31, 2016

Based on recent conversations with economic development prospects, the County has determined that, in order to better position itself for future economic development opportunities, a re-examination of its machinery and tools tax methodology is in order.

This information comes via Don Robertson, assistant county administrator.

In this regard, the Commissioner of the Revenue is sending a letter to the 88 machinery and tools tax account holders outlining a proposed change in the means of determining the value of taxable machinery and tools.

As noted in the letter, the proposed methodology will apply a 40 percent ratio to the original cost of the machinery and tools with no additional depreciation. The proposed change will be “revenue neutral” for tax year 2016, so those businesses paying M&T taxes will not pay any more or less in taxes as a result of this adjustment.

Any citizen desiring to comment on the proposed changes should submit those comments in writing to:

Commissioner of the Revenue
P.O. Box 107
Isle of Wight, VA 23397.