Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Personal Property Taxation topic
No spam. Unsubscribe anytime.
Board told used-vehicle values up about 40%; staff to work with Commissioner on tax impact
Summary
A county staff member told the King and Queen County Board of Supervisors that the Commissioner of the Revenue reported roughly 40% increases in values for certain newer used vehicles, and the board directed staff to work with the Commissioner and return with more information at the next meeting.
King and Queen County supervisors were told Feb. 28 that assessed values for many used vehicles—particularly pickup trucks, SUVs and mid-sized cars that are five years old or newer—have increased substantially and could affect tax bills and the county’s PPTRA calculations.
Mr. Swartzwelder advised the board that the Commissioner of the Revenue had reached out about the overall increase in personal property values, saying “Popular vehicles such as pickup trucks, SUVs and mid-sized cars are showing the highest value increase at approximately 40%.” The board expressed concern that such a change could significantly affect taxes paid on these vehicles and could alter the PPTRA percentage applied to qualifying vehicles.
Board members agreed by consensus to have staff work with the Commissioner of the Revenue to gather more detailed information and to present findings at the next meeting. The minutes record no formal changes to tax rates or reassessments at the Feb. 28 session; the discussion was recorded as direction for follow-up rather than a policy decision.
