Minutes 12/13/2005 - Laserfiche WebLink

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" , ~I ,,_A December 13, 2005 Ordinance No. 2005-8 BE IT ORDAINED by the Council of the City of Martinsville, Virginia, in regular Session held on November 22, 2005, Section 21-10 of Chapter 21 Taxation of the Code of the City of Martinsville currently reserved is, and hereby is, added to read as follows: Sec. 21-10. Personal Property Tax Relief 1. Purpose; Definitions; Relation to other Ordinances. A. The purpose of this Ordinance is to provide for the implementation of the changes to PPTRA 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 Ordinance that have defined meanings set forth in PPTRA shall have the same meanings as set forth in Va. Code S 58.1-3523, as amended. C. To the extent that the provisions of this Ordinance conflict with any prior Ordinance or provision of the City Code, this Ordinance shall control. 2. Method of Computing and Reflecting Tax Relief. A. For tax years commencing in 2006, the City of Martinsville 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 PPTRA and the reporting of such specific dollar relief on the tax bill for qualifying vehicles obtaining situs within the City of Martinsville as of January 151 of each tax year. B. Qualifying vehicles shall receive personal property tax relief in the following manner: 1) Personal use vehicles valued at $1,000 or less will be eligible for 100% tax relief; 2) Personal use vehicles valued at $1,001 to $20,000 will be eligible for the annually adopted percentage of local tax relief; 3) Personal use vehicles valued at $20,001 or more shall only receive the annually adopted percentage of local tax relief on the first $20,000 of assessed value; and 4) All other vehicles that do not meet the definition of "qualifying" (business use vehicles, farm use vehicles, motor homes, etc.) will not be eligible for any form of tax relief under this program. C. The City Council shall set as part of its annually adopted budget the percentage of tax relief at such a level that it is anticipated fully to exhaust PPTRA relief funds provided to the City of Martinsville by the Commonwealth. D. 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. 3. Allocation of Relief among Taxpayers. A. Allocation ofPPTRA relief shall be provided in accordance with the general provisions of this section, as implemented by the specific provisions of the City's annual budget relating to PPTRA 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.