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<br />B. Relief shall be allocated in such a manner as to eliminate personal property taxation of <br />each qualifying vehicle with an assessed value of $1 ,000 or less. <br />e. Relief with respect to qualifying vehicles as identified and assessed by the Commissioner <br />of the Revenue with an assessed value of more than $1,000 shall be provided at a <br />percentage, annually fixed and applied to the first $20,000 in value of each such <br />qualifying vehicle, that is estimated fully to use all available state PPTRA relief. The <br />percentage shall be established annually as a part of the adopted budget for the City of <br />Martinsville. <br /> <br />4. Transitional Provisions. <br /> <br />A. Pursuant to authority conferred in Item 503.D of the 2005 Appropriations Act, the City <br />Treasurer is authorized to issue a supplemental personal property tax bill, in the amount of <br />100 percent (100%) of tax due without regard to any former entitlement to state PPTRA <br />relief, plus applicable penalties and interest, to any taxpayer whose taxes with respect to a <br />qualifying vehicle for tax year 2005 or any prior tax year remain unpaid on September I, <br />2006, or such date as state funds for reimbursement of the state share of such bill have <br />become unavailable, whichever earlier occurs. Supplemental assessments for tax years <br />2005 and prior that are made on or after September 1,2006 shall be deemed 'non- <br />qualifying' for purposes of state tax relief and the local share due from the taxpayer shall <br />represent 100% of the tax assessable. <br /> <br />B. Penalty and interest with respect to bills issued pursuant to subsection A of this section <br />shall be computed on the entire amount of tax owed. Interest shall be computed at the rate <br />provided in 21-3 from the original due date of the tax. <br /> <br />****** <br /> <br />Attest: <br /> <br />Susan N. Johnson, Clerk of Council <br /> <br />Date Adopted <br /> <br />Date Effective <br />