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<br />M Martinsville <br /> <br />Meeting Date: <br />Item No: <br />Department: <br />Issue: <br /> <br />City Council <br />Agenda Summary <br /> <br />November 8, 2005 <br />8. <br /> <br />Commissioner of the Revenue & Treasurer <br /> <br />Discussion of legislative changes in the Personal Property <br />Tax Relief Act (PPTRA) effective January 1, 2006 <br /> <br />Summary: In 2004 the General Assembly enacted legislation that effectively <br />phases out the Personal Property Tax Relief Act (PPTRA) of 1998, as we know it, <br />as of January 1, 2006. The legislative changes that resulted in the 2004 and <br />2005 sessions of the General Assembly "cap" the reimbursement to localities <br />for personal property tax relief at the level collected for tax year 2004 and allow <br />the localities the option of determining how to disburse the "capped" <br />reimbursemen t amount. <br /> <br />In order to avoid costly programming and administrative costs associated with <br />the changes in the PPTRA program the City Council must make some choices <br />and adopt an ordinance reflecting these choices for providing tax relief to the <br />City of Martinsville taxpayers. Otherwise the City will, by default, be forced to <br />make programming changes to meet the new PPTRA program requirements. <br /> <br />Attachments: <br /> <br />History of the PPTRA program in the City of Martinsville <br />Impact of 2004 & 2005 Car Tax Legislation <br />Locality Policy Choices <br />Model Ordinance <br />VML Analvsis <br /> <br />Recommendations: Place on next agenda <br />