SD21 - The Tangible Personal Property Tax

  • Published: 1987
  • Author: General Assembly. Joint subcommittee
  • Enabling Authority: Senate Joint Resolution 28 (Regular Session, 1986)

Executive Summary:
The 1986 General Assembly established this joint subcommittee pursuant to Senate Joint Resolution No. 28 to study the following aspects of the tangible personal property tax:

(1) Methods used to value tangible personal property;
(2) Tax rates levied on tangible personal property;
(3) Proration of the tangible personal property tax;
(4) Costs of administering the tangible personal property tax; and
(5) The tangible personal property tax in surrounding states and the effect upon Virginia tax revenues.

This subcommittee held three meetings in 1986 and received information from the Department of Taxation, the Commissioners of the Revenue Association and several private industries concerned about the tangible personal property tax in the Commonwealth.