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1998 SESSION

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SB 571 Rate of tangible personal property tax on passenger vehicles.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY:

Rate of tangible personal property tax on passenger vehicles. Requires the Auditor of Public Accounts to estimate the amount of tangible personal property tax revenue each locality would collect from a portion of the value of passenger vehicles. The budget bill is required to include appropriations to localities for this portion of their tangible personal property tax revenue. Localities are required to reduce the rate of their personal property tax on passenger vehicles by an amount that would generate the revenue earmarked for them in the budget bill. The estimate is based on 25 percent of $20,000 of the value of a passenger vehicle commencing January 1, 1999. Every year thereafter the $20,000 amount is increased by the rate of inflation. The percentage of the amount increases to 50 percent on January 1, 2000; 75 percent on January 1, 2001; and 100 percent on and after January 1, 2002. The measure applies to passenger vehicles, motorcycles, and pickup trucks. Local assessing officials are required to provide the Auditor with information regarding the number and values of vehicles in their jurisdictions so that he can prepare the estimates of the foregone tax revenue. All localities are required to use a tax day of January 1 for tangible personal property and to levy taxes on tangible personal property on a calendar-year basis.


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