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% 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 to 5 years: 30% of cost
Over 5 years: 25.35% of cost
The tax rate is $3 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.