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:
Tax reduction will apply to the first $20,000 value of a qualifying vehicle
A qualifying vehicle is defined as any passenger car, pickup, panel truck or motorcycle used for non-business purposes
For qualifying vehicles, your personal property taxes will be affected as outlined below
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:
Eliminated personal property tax on each qualifying vehicle with an assessed value of $1,000 or less
Reduced personal property tax on qualifying vehicles on the first $20,000 of assessed value by the respective tax relief credit percentages by tax year: