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1998 SPECIAL SESSION I

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HB 4007 School Construction and Personal Property Tax Relief Act of 1998.

Introduced by: James H. Dillard II | all patrons    ...    notes | add to my profiles

SUMMARY:

School Construction and Personal Property Tax Relief Act of 1998. Provides for personal property tax relief on certain vehicles and for school construction grants totaling approximately $135 million for the biennium. The personal property tax relief applies to the assessment value up to $20,000 of personally-owned vehicles. For vehicles assessed at $1,000 or less, the entire tax is reimbursed in 1998 and thereafter. For vehicles assessed at more than $1,000 and up to $20,000, the reimbursable amount is a percentage of the tax due, beginning in 1998 at 12.5 percent, 1999 at 27.5 percent, 2000 at 47.5 percent, 2001 at 70 percent, and 2002 and thereafter at 100 percent. Any tax due on the assessed value above $20,000 shall be paid by the taxpayer.

The school construction grants shall be funded from lottery proceeds; unclaimed prizes and a percentage of the profits. For 1999, the percentage is 12.3 percent and for 2000 it is 12.4 percent.


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