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Topic Description:
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 will
distribute the fixed amount of relief provided by the
Commonwealth for Tax Year 2009.
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, which
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 change in
the tax base estimate for Tax Year 2008 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 distribute the State relief for taxpayers. |