The City of Newport News charges a tax on tangible personal property used in a business or to earn income within the City. The types of business tangible personal property include, but are not limited to furniture, fixtures, tools, machinery, computers, signs, leasehold improvements, leased equipment, hand tools, farm equipment, and any other equipment. Exceptions include computer application software and pollution control equipment.
All individuals, partnerships, corporations, or other entities owning or using tangible personal property located in Newport News are required to file a Business Personal Property Return (Form COR4) and to submit an itemized list of all business personal property utilized in the business as of January 1 of the current year. Miscellaneous and incidental property with an original cost of less than $500 may be reported as an aggregate estimate of the total cost of all such property, in lieu of a specific, itemized list.
All returns and list must be filed to the Commissioner of the Revenue on or before March 1 of each year.
The method of assessment for Business Personal Property is one-third (1/3) of the total original cost.