[Added 12-20-2005]
A.
The purpose of this article is to provide for the
implementation of the changes to 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 Code
of Virginia, § 58.1-3523, 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 of Louisa
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.
The Town Council shall, as part of the annual budget adopted pursuant to Chapter 25 of Title 15.2 and § 147-1 of the Town of Louisa Code, set the rate of tax relief at such a level that it is anticipated fully to exhaust PPTRA relief funds provided to the Town of Louisa by the commonwealth. Any amount of PPTRA relief not used within the Town's fiscal year shall be carried forward and used to increase funds available for personal property tax relief in the following fiscal year.
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 of Louisa'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 of Louisa.
A.
Pursuant to authority conferred in item 503.D of the
2005 Appropriations Act, the Town of Louisa 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.
