Governor Glenn Youngkin last week signed into law HB1239, empowering local governments to cut the tax rate imposed on cars without impacting other personal property taxes, and/while preventing tax hikes driven by dramatically increased used vehicle values. What that might mean for Warren County taxpayers is not yet known.
“With prices soaring on the necessities that families and individuals use every day, Virginians are in dire need of relief to their wallets. I am proud to sign this legislation and work with the General Assembly to empower localities to lower the cost of living,” said Governor Youngkin in a media release. “Many Virginians are struggling due to rising prices, now it is up to local leaders across Virginia to step up and fight inflation with real tax relief. I look forward to continuing our work to deliver real tax relief for all Virginians.”
Queried about how the new law would help Warren County residents, County Administrator Ed Daley wrote in an email, “We are looking at options. The number of vehicles changes every day as residents buy and sell them. Our current estimate is that 57.4% of the registered vehicles in Warren County decreased in value or remained the same.
The tax on an additional 36.7% of our vehicles would increase by less than $100. The Commonwealth pays about one-third of the vehicle tax. We need to balance these reductions and smaller increases with the vehicles that have higher increases in value and the state funding.”
Daley said his office would make recommendations to the Board of Supervisors in April.
The Supervisors have a regular meeting on Tuesday, April 5 at 9 AM, but the item is not on that agenda. The next regular BOS meeting is scheduled for April 19 at 7 PM in the Warren County Government Center. However, a Special Meeting on April 12 at 7 PM has been called by the supervisors for a public hearing on the FY-2023 Budget proposal.
Prior to the passage of HB1239, which was sponsored by Delegate Phillip A. Scott, car tax rates could not be lower than the general rate of personal property which created a roadblock to cutting car taxes.
https://royalexaminer.com/governor-glenn-youngkin-to-legislators-actions-speak-louder-than-words-we-can-lower-gas-prices-now/
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