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Posted on: July 8, 2022

Tax Relief from Vehicle Appreciation

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At the July 5, 2022 Louisa County Board of Supervisors meeting, the Board of Supervisors unanimously approved a resolution that will provide temporary tax relief from vehicle appreciation associated with COVID-19's economic impact. The 2022 Louisa County Personal Property tax assessment will utilize a 90% ratio (rather than a 100% ratio) against the assessed vehicle value. 
The approved resolution reads: 
A RESOLUTION TO UTILIZE A 90% RATIO AGAINST ASSESSED VALUE FOR 2022 PERSONAL PROPERTY TAX
WHEREAS, due to the shortage of new vehicles as a result of the economic impacts of COVID-19, vehicles have appreciated in value, rather than depreciating from the prior year’s assessed value based on the data received from JD Power value; and
WHEREAS, the personal property tax revenue was adopted with an estimated increase of 15-25% totaling $12.86 million in revenue; and
WHEREAS, the new JD Power values indicated an increase of over 35% which would result in an adopted budget overage of $1.13 million in personal property tax revenue; and
WHEREAS, the Board of Supervisors and Commissioner of Revenue explored possible options to lower the tax burden for Louisa residents; and
WHEREAS, reducing the ratio of the assessed value by 10% for personal vehicles would eliminate the $1.13 million overage in personal property taxes for Fiscal Year 2023; and
WHEREAS, Section 58.1-3503(A)(3) and Section 58.1-3503(B) of the Code of Virginia allows the Commissioner of Revenue in concurrence of the local governing body to set the assessment ratios; and
NOW, THEREFORE, BE IT RESOLVED, on this 5th day of July 2022, that the Louisa County Board of Supervisors hereby vote the 2022 Personal Property tax assessment will utilize a 90% ratio against the assessed value according to the new JD Power pricing guide to allow for temporary tax relief due to the appreciation of vehicles as a result of the economic impact of COVID-19. The personal property tax assessment ratio will return to 100% on January 1, 2023.

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