[Added 12-12-2005 by Ord. No. 2005-02]
A.
The purpose of this article is to provide for the
implementation of the changes to Personal Property Tax Relief Act
(PPTRA) effected by legislation adopted during the 2004 Special Session
I and the 2005 Regular Session of the General Assembly of Virginia.
B.
Terms used in this article that have defined meanings
set forth in PPTRA shall have the same meanings as set forth in § 58.1-3523,
Code of Virginia, as amended.
C.
To the extent that the provisions of this article
conflict with any prior ordinance or provision of the Town Code, this
article shall control.
A.
For tax years commencing in 2006, the Town adopts
the provisions of Item 503.E of the 2005 Appropriations Act, providing
for the computation of tax relief as a specific dollar amount to be
offset against the total taxes that would otherwise be due but for
PPTRA and the reporting of such specific dollar relief on the tax
bill.
B.
Council shall, by resolution, set the percentage of
tax relief at such a level that it is anticipated fully to exhaust
PPTRA relief funds provided to the Town by the commonwealth.
C.
Personal property tax bills shall set forth on their
face the specific dollar amount of relief credited with respect to
each qualifying vehicle, together with an explanation of the general
manner in which relief is allocated.
A.
Allocation of PPTRA relief shall be provided in accordance
with the general provisions of this section, as implemented by the
specific provisions of the Town's annual budget relating to PPTRA
relief.
B.
Relief shall be allocated in such a manner as to eliminate
personal property taxation of each qualifying vehicle with an assessed
value of $1,000 or less.
C.
Relief with respect to qualifying vehicles with assessed
values of $1,000 or more shall be provided at a percentage, annually
fixed and applied to the first $20,000 in value of each such qualifying
vehicle, that is estimated fully to use all available state PPTRA
relief. The percentage shall be established annually as a part of
the adopted budget for the Town.
A.
Pursuant to authority conferred in Item 503.D of the
2005 Appropriations Act, the Town Treasurer is authorized to issue
a supplemental personal property tax bill in the amount of 100% of
tax due without regard to any former entitlement to state PPTRA relief,
plus applicable penalties and interest, to any taxpayer whose taxes
with respect to a qualifying vehicle for tax year 2005 or any prior
tax year remain unpaid on September 1, 2006, or such date as state
funds for reimbursement of the state share of such bill have become
unavailable, whichever earlier occurs.
