Commissioner of the Revenue

RESPONSIBILITIES

The Virginia General Assembly first created the constitutional office of the Commissioner of the Revenue in 1786. The goal was to create uniform tax assessments throughout localities. The commissioner is elected every four years to serve as the chief assessing officer of a locality.

The duties of the commissioner are as follows:

Administering Business Taxes

Business taxes include business licenses, business personal property, machinery and tools and excise taxes. Excise taxes are Transient Occupancy and Meals Tax. 

2026 Online Business License Renewal Form due by March 1 of each assessing year.

Transient Occupancy and Meals Tax are both due by the 20th of every month. 

Machinery and Tools and the Equipment Listing Filings are due March 1 of each assessing year.

Business Personal Property and the Equipment Listing Filings are due by May 1 of each assessing year. 

**Equipment listings should include all equipment being used in the business along with the year purchased, original cost and a summary sheet.

Assessing Personal Property

Personal property includes cars, trucks, motorcycles, trailers and boats. Businesses also pay tax on personal property used in a trade or business, including but not limited to furniture, fixtures, machinery and other equipment.

According to the Code of Virginia, personal property when assessed for taxation must be assessed at fair market value. Annually, using pricing guides like the National Automobile Dealers Association (NADA) or J.D. Power Official Used Car Guide. The commissioner will assess over 150,000 items in Henry County.

Assessing Real Estate and General Reassessments

All real estate assessments must be based on the fair market value as of January 1 of the assessing year. Property owners will be notified via mail if any changes in value that may occur due to building permits, discovered property, general reassessments, etc. 

General Reassessments are required by the Code of Virginia. Each locality must follow the provision set forth by the Code of Virginia to carry out a general reassessment at fair market value. Failure to do so could result in the withholding of state funds given to the locality. If the sales study ratio is below 70 or above 130, during a general reassessment year or annual assessment is considered proof the general reassessment failed to meet the burden of fair market value. 

The Assessor's office and commissioner fairly and equitably assesses the real estate in Henry County every four years on over 38,000 parcels. We provide accurate property information and fair market value in accordance with standards of professional practice.

Administering Public Service Corporation Taxes

Public service corporations include power companies, phone companies and railroads. These taxes are assessed in cooperation with the State Corporation Commission and the Virginia Department of Taxation.

Administer the following: 

  • Real Estate Tax Relief 
    • Elderly and permanently and totally disabled
    • Veteran Tax Relief Exemption
  • Land Use
  • Bank Franchise Tax