The Personal Property Tax Relief Act provides reduced taxes to owners of qualified vehicles billed for 2006 and subsequent tax years.
The plan includes the following:
In the 2005 Appropriations Act, the General Assembly capped statewide Personal Property Tax Relief (PPTR) reimbursement at $950,000,000 for tax year 2006 and beyond. For tax year 2006 and subsequent years, Chesterfield County's PPTR reimbursement has been fixed at approximately $41,000,000.
Chesterfield County has allocated this PPTR reimbursement for tax year 2006 and subsequent years to provide tax relief as follows: