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Topic Description:
The Personal Property Tax
Relief Act of 1998, Virginia Code §§ 58.1-3523 et seq. (“PPTRA”),
has been substantially modified by the enactment of Chapter
1 of the Acts of Assembly, 2004 Special Session I (Senate
Bill 5005), and the provisions of Item 503 of Chapter 951 of
the 2005 Acts of Assembly (the 2005 revisions to the 2004-06
Appropriations Act). As a result of these legislative
enactments the County of Fauquier took affirmative steps to
implement these changes. One of these steps requires the
computation and allocation of relief provided pursuant to
the Personal Property Tax Relief Act, as revised.
Pursuant to section 8-29.5
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 2006. By ordinance (Section 8-29.5(b)) the Board
has established that qualifying vehicles valued at
($1000.00) 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 resolution.
The percentage was
established by computing the growth in the tax base estimate
for Tax Year 2006 then applying a 100% relief amount to
qualifying vehicles ($1,000.00) or less, then determining
the pecentage of relief available to the balance of the
qualifying fleet in an amount that is expected to fully
exhust the state relief for the taxpayers |