How is the amount of tax to be levied on personal property determined?
The Southampton County Board of Supervisors establishes a personal property tax rate each year in June. The actual tax is then computed by multiplying the property’s assessed value by this rate. The current rate for general personal property is $4.50 per $100.00 of assessed value of property. How is personal property assessed? The Commissioner of the Revenue is generally required to determine the assessed value of motor vehicles based on a recognized pricing guide, if available, or a percentage of the original cost. The pricing publications used are the National Automobile Dealers Association official used car guide and the official older care guide, the commercial truck guide, motorcycle and watercraft guide, and the recreational vehicle guide. The value taken from these books is the average loan value. If the vehicle is not listed in the guide, because of the current year model, the average will be based on 80% of the purchase price. For Personal Property other than motorcycles, the
The Martinsville City Council establishes a personal property tax rate each year in June. The actual tax is then computed by multiplying the property’s assessed value by this rate. The current rate for general personal property is $2.30 per $100 of assessed value of property. The current rate for machinery and tools is $1.85 per $100 of assessed value. The Commonwealth of Virginia provides the City of Martinsville with $626,428 annually to disburse as Car Tax Relief to individuals with qualifying vehicles. If you have a qualifying vehicle your tax assessment will be reduced by the annually calculated relief percentage. The relief percentage will vary annually depending on how many vehicles qualify for relief, the total amount of the assessments of these vehicles, the total number of vehicles assessed at $1000 or less, and the total assessment amount of vehicles with assessed values between $1,001 and $20,000. The calculated percentage rate for relief for tax year 2010 is 58.9% for qual
Related Questions
- Im selling some rural acreage that has a structure on it that is occupied seasonally for living quarters. How will this affect the capital gains tax on the sale of this property?
- How is the amount of tax to be levied on personal property determined?
- How is the tax rate to be levied on personal property determined?
