All businesses located in the City of Norton are required to file a Tangible Personal Property / Machinery and Tools Tax Return (762) with an itemized list of all equipment (including machinery and tools), date of purchase and original cost used to operate their business as of January 1st of each year. This list must be filed with the Commissioner of the Revenue on or before May 1st.
Equipment will be assessed at 10% of original cost. This assessed value will remain unchanged as long as the equipment is located in the City:
The tax rate is $2.05 per $100 of assessed value
The business personal property tax will be assessed annually and will be due on October 15th