§ 58.1-3524. Tangible personal property tax relief; local tax rates onvehicles qualifying for tangible personal property tax relief.
A. For tax year 2006 and all tax years thereafter, counties, cities, andtowns shall be reimbursed by the Commonwealth for providing the requiredtangible personal property tax relief as set forth herein.
B. For tax year 2006 and all tax years thereafter, the Commonwealth shall paya total of $950 million for each such tax year in reimbursements tolocalities for providing the required tangible personal property tax reliefon qualifying vehicles in subsection C. No other amount shall be paid tocounties, cities, and towns for providing tangible personal property taxrelief on qualifying vehicles. Each county's, city's, or town's share of the$950 million for each such tax year shall be determined pro rata based uponthe actual payments to such county, city, or town pursuant to this chapterfor tax year 2005 as compared to the actual payments to all counties, cities,and towns pursuant to this chapter for tax year 2005, as certified in writingby the Auditor of Public Accounts no later than March 1, 2006, to theGovernor and to the chairmen of the Senate Committee on Finance and the HouseCommittee on Appropriations. The amount reimbursed to a particular county,city, or town for tax year 2006 for providing tangible personal property taxrelief shall be the same amount reimbursed to such county, city, or town foreach subsequent tax year.
The reimbursement to each county, city, or town for tax year 2006 shall bepaid by the Commonwealth over the 12-month period beginning with the month ofJuly 2006 and ending with the month of June 2007, as provided in the generalappropriation act. For all tax years subsequent to tax year 2006,reimbursements shall be paid over the same 12-month period. All reimbursementpayments shall be made by check issued by the State Treasurer to therespective treasurer of the county, city, or town on warrant of theComptroller.
C. For tax year 2006 and all tax years thereafter, each county, city, or townthat will receive a reimbursement from the Commonwealth pursuant tosubsection B shall provide tangible personal property tax relief onqualifying vehicles by reducing its local tax rate on qualifying vehicles asfollows:
1. The local governing body of each county, city, or town shall fix orestablish its tangible personal property tax rate for its general class oftangible personal property, which rate shall also be applied to that portionof the value of each qualifying vehicle that is in excess of $20,000;
2. After fixing or establishing its tangible personal property tax rate forits general class of tangible personal property, the local governing body ofthe county, city, or town shall fix or establish one or more reduced taxrates (lower than the rate applied to the general class of tangible personalproperty) that shall be applied solely to that portion of the value of eachqualifying vehicle that is not in excess of $20,000. No other tangiblepersonal property tax rate shall be applied to that portion of the value ofeach qualifying vehicle that is not in excess of $20,000. Such reduced taxrate or rates shall be set at an effective tax rate or rates such that (i)the revenue to be received from such reduced tax rate or rates on thatportion of the value of qualifying vehicles not in excess of $20,000 plus(ii) the revenue to be received on that portion of the value of qualifyingvehicles in excess of $20,000 plus (iii) the Commonwealth's reimbursement isapproximately equal to the total revenue that would have been received by thecounty, city, or town from its tangible personal property tax had the taxrate for its general class of tangible personal property been applied to 100percent of the value of all qualifying vehicles.
D. On or before the date the certified personal property tax book is requiredby § 58.1-3118 to be provided to the treasurer, the commissioner of therevenue shall identify each qualifying vehicle and its value to the treasurerof the locality.
E. The provisions of this section are mandatory for any county, city, or townthat will receive a reimbursement pursuant to subsection B.
(1998, Sp. Sess. I, c. 2; 2004, Sp. Sess. I, c. 1.)
§ 58.1-3524. Tangible personal property tax relief; local tax rates onvehicles qualifying for tangible personal property tax relief.
A. For tax year 2006 and all tax years thereafter, counties, cities, andtowns shall be reimbursed by the Commonwealth for providing the requiredtangible personal property tax relief as set forth herein.
B. For tax year 2006 and all tax years thereafter, the Commonwealth shall paya total of $950 million for each such tax year in reimbursements tolocalities for providing the required tangible personal property tax reliefon qualifying vehicles in subsection C. No other amount shall be paid tocounties, cities, and towns for providing tangible personal property taxrelief on qualifying vehicles. Each county's, city's, or town's share of the$950 million for each such tax year shall be determined pro rata based uponthe actual payments to such county, city, or town pursuant to this chapterfor tax year 2005 as compared to the actual payments to all counties, cities,and towns pursuant to this chapter for tax year 2005, as certified in writingby the Auditor of Public Accounts no later than March 1, 2006, to theGovernor and to the chairmen of the Senate Committee on Finance and the HouseCommittee on Appropriations. The amount reimbursed to a particular county,city, or town for tax year 2006 for providing tangible personal property taxrelief shall be the same amount reimbursed to such county, city, or town foreach subsequent tax year.
The reimbursement to each county, city, or town for tax year 2006 shall bepaid by the Commonwealth over the 12-month period beginning with the month ofJuly 2006 and ending with the month of June 2007, as provided in the generalappropriation act. For all tax years subsequent to tax year 2006,reimbursements shall be paid over the same 12-month period. All reimbursementpayments shall be made by check issued by the State Treasurer to therespective treasurer of the county, city, or town on warrant of theComptroller.
C. For tax year 2006 and all tax years thereafter, each county, city, or townthat will receive a reimbursement from the Commonwealth pursuant tosubsection B shall provide tangible personal property tax relief onqualifying vehicles by reducing its local tax rate on qualifying vehicles asfollows:
1. The local governing body of each county, city, or town shall fix orestablish its tangible personal property tax rate for its general class oftangible personal property, which rate shall also be applied to that portionof the value of each qualifying vehicle that is in excess of $20,000;
2. After fixing or establishing its tangible personal property tax rate forits general class of tangible personal property, the local governing body ofthe county, city, or town shall fix or establish one or more reduced taxrates (lower than the rate applied to the general class of tangible personalproperty) that shall be applied solely to that portion of the value of eachqualifying vehicle that is not in excess of $20,000. No other tangiblepersonal property tax rate shall be applied to that portion of the value ofeach qualifying vehicle that is not in excess of $20,000. Such reduced taxrate or rates shall be set at an effective tax rate or rates such that (i)the revenue to be received from such reduced tax rate or rates on thatportion of the value of qualifying vehicles not in excess of $20,000 plus(ii) the revenue to be received on that portion of the value of qualifyingvehicles in excess of $20,000 plus (iii) the Commonwealth's reimbursement isapproximately equal to the total revenue that would have been received by thecounty, city, or town from its tangible personal property tax had the taxrate for its general class of tangible personal property been applied to 100percent of the value of all qualifying vehicles.
D. On or before the date the certified personal property tax book is requiredby § 58.1-3118 to be provided to the treasurer, the commissioner of therevenue shall identify each qualifying vehicle and its value to the treasurerof the locality.
E. The provisions of this section are mandatory for any county, city, or townthat will receive a reimbursement pursuant to subsection B.
(1998, Sp. Sess. I, c. 2; 2004, Sp. Sess. I, c. 1.)
§ 58.1-3524. Tangible personal property tax relief; local tax rates onvehicles qualifying for tangible personal property tax relief.
A. For tax year 2006 and all tax years thereafter, counties, cities, andtowns shall be reimbursed by the Commonwealth for providing the requiredtangible personal property tax relief as set forth herein.
B. For tax year 2006 and all tax years thereafter, the Commonwealth shall paya total of $950 million for each such tax year in reimbursements tolocalities for providing the required tangible personal property tax reliefon qualifying vehicles in subsection C. No other amount shall be paid tocounties, cities, and towns for providing tangible personal property taxrelief on qualifying vehicles. Each county's, city's, or town's share of the$950 million for each such tax year shall be determined pro rata based uponthe actual payments to such county, city, or town pursuant to this chapterfor tax year 2005 as compared to the actual payments to all counties, cities,and towns pursuant to this chapter for tax year 2005, as certified in writingby the Auditor of Public Accounts no later than March 1, 2006, to theGovernor and to the chairmen of the Senate Committee on Finance and the HouseCommittee on Appropriations. The amount reimbursed to a particular county,city, or town for tax year 2006 for providing tangible personal property taxrelief shall be the same amount reimbursed to such county, city, or town foreach subsequent tax year.
The reimbursement to each county, city, or town for tax year 2006 shall bepaid by the Commonwealth over the 12-month period beginning with the month ofJuly 2006 and ending with the month of June 2007, as provided in the generalappropriation act. For all tax years subsequent to tax year 2006,reimbursements shall be paid over the same 12-month period. All reimbursementpayments shall be made by check issued by the State Treasurer to therespective treasurer of the county, city, or town on warrant of theComptroller.
C. For tax year 2006 and all tax years thereafter, each county, city, or townthat will receive a reimbursement from the Commonwealth pursuant tosubsection B shall provide tangible personal property tax relief onqualifying vehicles by reducing its local tax rate on qualifying vehicles asfollows:
1. The local governing body of each county, city, or town shall fix orestablish its tangible personal property tax rate for its general class oftangible personal property, which rate shall also be applied to that portionof the value of each qualifying vehicle that is in excess of $20,000;
2. After fixing or establishing its tangible personal property tax rate forits general class of tangible personal property, the local governing body ofthe county, city, or town shall fix or establish one or more reduced taxrates (lower than the rate applied to the general class of tangible personalproperty) that shall be applied solely to that portion of the value of eachqualifying vehicle that is not in excess of $20,000. No other tangiblepersonal property tax rate shall be applied to that portion of the value ofeach qualifying vehicle that is not in excess of $20,000. Such reduced taxrate or rates shall be set at an effective tax rate or rates such that (i)the revenue to be received from such reduced tax rate or rates on thatportion of the value of qualifying vehicles not in excess of $20,000 plus(ii) the revenue to be received on that portion of the value of qualifyingvehicles in excess of $20,000 plus (iii) the Commonwealth's reimbursement isapproximately equal to the total revenue that would have been received by thecounty, city, or town from its tangible personal property tax had the taxrate for its general class of tangible personal property been applied to 100percent of the value of all qualifying vehicles.
D. On or before the date the certified personal property tax book is requiredby § 58.1-3118 to be provided to the treasurer, the commissioner of therevenue shall identify each qualifying vehicle and its value to the treasurerof the locality.
E. The provisions of this section are mandatory for any county, city, or townthat will receive a reimbursement pursuant to subsection B.
(1998, Sp. Sess. I, c. 2; 2004, Sp. Sess. I, c. 1.)
