[Adopted 11-22-2005]
A.
The purpose of this article is to provide for the
implementation of the changes to the Personal Property Tax Relief
Act affected 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 Personal Property Tax Relief Act shall have the same
meanings as set forth in Va. Code § 58.1-3523, as amended.
C.
To the extent that the provisions of this article
conflict with any prior ordinance or provision of the County of Mathews
Code, this article shall control.
A.
For tax years commencing in 2006, the County of Mathews
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 personal property tax relief and the reporting of such specific
dollar relief on the tax bill.
B.
The Board shall, by resolution, set the percentage
of tax relief at such a level that it is anticipated fully to exhaust
Personal Property Tax Relief Act relief funds provided to the County
of Mathews 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 personal property tax relief shall be
provided in accordance with the general provisions of this section,
as implemented by the specific provisions of the County of Mathews
annual budget relating to Personal Property Tax Relief Act 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 more than $1,000 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 personal
property tax relief funding. The percentage shall be established annually.
A.
Pursuant to authority conferred in Item 503.D of the
2005 Appropriations Act, unless the assessment is determined to be
of no fault of the taxpayer, the County of Mathews 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
personal property tax 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.
