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Machinery and Tools Tax
All manufacturers located in the City of Lynchburg are required to file an itemized list of equipment utilized in the manufacturing process as of January 1 of the current year. This list must be filed with the Commissioner of the Revenue on or before February 15 each year. If this requirement is not met, a 10 percent or 10 dollar penalty (whichever is greater) will be assessed. Manufacturers who have previously filed will receive a pre-printed card containing the previous year's information.
Equipment is assessed in the following manner:
|1 - 5 years||30% of cost|
|Over 5 years||25.35% of cost|
- The tax rate is $3.00 per $100 of assessed value
The machinery and tools tax will be billed in two installments. The first installment will be mailed May 1 and will be due June 5. The second installment will be mailed November 1 and will be due December 5.
For further information regarding Machinery and Tools Tax 434-455-3880.