How is the Personal Property Tax Relief Act (PPTRA) applied to my vehicle?
A. The PPTRA applies 70 percent relief only to the first $20,000 of a vehicle’s assessed value and the remaining 30 percent of assessed value is the responsibility of the taxpayer. For example, Mr. Smith purchased a vehicle worth $15,000 in assessed value, at a taxing rate of 4.71 percent. The total tax on the vehicle for the year would be $750. PPTRA would cover $525 and the remaining $225 is the taxpayer’s responsibility.
