How does the Personal Property Tax Relief Act of 1998 (PPTRA) effect me?
The PPTRA provides tax relief to citizens and their families on a portion of personal property taxes paid on the first $20,000 of value for qualifying vehicles. Personal Property tax on vehicles valued at $1,000 or less has been eliminated and the Commonwealth’s Share is 100%. For 2002 the Commonwealth’s Share is 70% of the personal property tax bill for qualifying vehicles. The Personal Property Tax Relief Act of 1998 provides tax relief for any passenger car, motorcycle, or pickup or panel truck having a registered gross weight of less than 7,501 pounds. The vehicle must be owned and leased by an individual and NOT for business purposes.
The PPTRA provides tax relief to citizens and their families on a portion of personal property taxes paid on the first $20,000 of value for qualifying vehicles. Personal Property tax on vehicles valued at $1,000 or less has been eliminated and the Commonwealth’s Share is 100%. For 2002 the Commonwealth’s Share is 70% of the personal property tax bill for qualifying vehicles. The Personal Property Tax Relief Act of 1998 provides tax relief for any passenger car, motorcycle, or pickup or panel truck having a registered gross weight of less than 7,501 pounds. The vehicle must be owned and leased by an individual and NOT for business purposes. A vehicle is considered to be used for business purposes if: • More than 50% of the mileage for the year is used as a business expense for Federal Income Tax purposes OR reimbursed by an employer; • More than 50% of the depreciation associated with the vehicle is deducted as a business expense for Federal Income Tax; • The cost of the vehicle is expe
