Source: Warhammer Fantasy: 4th Edition

Magic Items
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We have already talked about magic items which contain spells. Other magic items are enchanted in various ways, and confer advantages or bonuses during combat or movement. For example, the Axe of Grom is enchanted so that when it strikes it causes double the amount of damage as an ordinary weapon, inflicting 2 wounds on the model struck instead of 1, and in addition the Axe cleaves straight through ordinary armour so no armour saving roll is permitted.

Magic items are allotted to individuals before the game and may be used by them at the appropriate times as described on the card itself. So, for example, the Golden Helm of Atrazar comes into effect every time the wearer suffers a wound. In most cases items can be used repeatedly over and over again, but some may have a limited use or it may be possible to use them only once.

All magic items have a points value indicated on the card. This indicates how much they are worth. The value of the item is added to the points value of the character carrying it. See the section on Points Values for more details of how to calculate each model's worth.