The Commissioner of the Revenue
is responsible for the assessment of all personal property with taxable status in Loudoun County. Business tangible personal property assessments are derived by applying an assessment factor to the property's original capitalized cost. These factors vary according to year of purchase and represent the normal devaluation of property that occurs as equipment ages. Assessments begin at 50% of cost for items purchased in the immediate prior year and decrease by 10% per year to a minimum of 10% of cost for items purchased five or more years ago. The Loudoun County Board of Supervisors sets the personal property tax rates that are applied to these assessments each year.