Adopted Budget - Bedford County, Virginia

1100 General Property TaxesREVENUE CHART OF ACCOUNTSLOCAL1101 Real Property Taxes: Includes taxes charged on each taxable parcel of real estate located in the county.The rate is set by the Board of Supervisors and is applied to an assessed value set in the year of reassessment. Areassessment of all properties in the county is done on a 4 year cycle by an independent appraisal firm.1102 Public Service Corp Tax: Includes property taxes assessed by the State Corporation Commission andthe Department of Taxation. The County examines the assessments to determine their correctness. If correct,the County determines the equalized assessed valuation of the corporate property by applying the localassessment ratio prevailing in the County for other real estate. Local taxes are then assigned to real and tangiblepersonal property at the real property tax rate current in the County. In Virginia, public service corporationsinclude electric power and distribution companies, gas and product pipeline transmission companies, publicservice water companies, public service water companies, telephone and telegraph companies, and railroads.The local real estate and personal property rates are applied to these assessments and taxed accordingly.1103 Personal Property Tax: Includes taxes on the tangible personal property of businesses and individuals,including motor vehicles, business furniture and fixtures, farming equipment, and a variety of motorizedvehicles, including boats, recreational vehicles, campers and trailers. The County may elect to prorate the taxeson motor vehicles, trailers and boats which have acquired a situs within the County after the tax day for thebalance of the tax year. Effective for calendar year 2008 personal property is rated at 100% of the trade invalue.1104 Machinery & Tools Tax: Includes taxes on the tools and equipment used for manufacturing, mining,processing and reprocessing (excluding food processing), radio or television broadcasting, dairy, and laundry ordry cleaning. Taxes are assessed using the original cost less depreciation.1105 Merchant’s Capital Tax: Includes taxes assessed on the inventory of stock on hand, daily rentalpassenger cars, daily rental property, and all other personal property (exempting tangible personal property notfor sale as merchandise, which is taxed as tangible personal property), excluding money on hand and on deposit.1106 Mobile Home Tax: Includes taxes on mobile homes which are assessed during the reassessment year andthe value is held during that four year period. The tax rate is the same as the real estate tax rate.1107 Penalties & Interest: Includes revenue from penalties and interest collected on all property taxes.1200 Other Local Taxes1201 Local Sales & Use Tax: This tax applies to dealers with a retail presence in Virginia. Sales of any itemsfrom such operations incur the 1 percent sales tax. Sales tax monies are then collected by the TaxCommissioner and sent to the state treasury, where they are credited to the accounts of the localities that raisedthem and disbursed to the localities on a monthly basis. Cities and counties are also permitted to establish alocal use tax at the rate of 1 percent for the purpose of providing revenue to the general fund of the locality.