|
Topic Description:
Pursuant to Section
8-29.4(b) of the Code of Fauquier, the Board of Supervisors
is to establish the percentage of relief that will be
allocated to the taxpayers in a manner that is estimated to
fully exhaust the fixed amount of relief provided by the
Commonwealth for Tax Year 2007.
By Ordinance, Section
8-29.5(b), the Board has established that qualifying
vehicles valued at $1,000.00 or less shall continue to
receive 100% relief. According to Section 8-29.5(c), relief
with respect to qualifying vehicles with assessed values of
more than $1,000.00 shall be provided at a percentage,
annually fixed and applied to the first $20,000.00 in value
of each such qualifying vehicle, that is estimated fully to
use all available State personal property tax relief
funding. That percentage is set out in the attached
resolution.
The percentage was
established by computing the growth in the tax base estimate
for Tax Year 2007, then applying a 100% relief amount to
qualifying vehicles ($1,000.00 or less), then determining
the percentage of relief available to the balance of the
qualifying fleet in an amount that is expected to fully
exhaust the State relief for the taxpayers. |