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Personal Property Taxes
Chesapeake levies a tax on tangible personal property employed in a trade or business (furniture, fixtures, equipment, machinery, tools, etc.). A list of fixed assets itemizing all property (including all fully depreciated items) must be submitted. This annual business personal property tax return must be filed with the Commissioner of the Revenue by March 1 (unless an extension is requested in writing and granted). The payment date of business tangible personal property tax is June 5.
Motor Vehicle Personal Property Tax – Proration
Every person or business owning a motor vehicle (automobile, truck, bus, motorcycle, trailer, semitrailer, van, recreational vehicle, moped, etc.) is required to file a personal property tax return. Vehicles are assessed at fair market value. For automobiles, the NADA official used car pricing guide is used in most cases. Chesapeake prorates personal property taxes on motor vehicles on a monthly basis.