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<br />M Martinsville <br /> <br />City Council <br />Agenda Summary <br /> <br />Meeting Date: <br />Item No: <br />Department: <br />Issue: <br /> <br />August 26, 2008 <br />2. <br /> <br />Commissioner of the Revenue <br /> <br />Consider adoption of a resolution setting the allocation <br />percentage for tax relief in the City of Martinsville for Tax <br />Year 2008. <br /> <br />Summary: On December 13,2005 Council adopted an ordinance that <br />established a local program of personal property tax relief that requires City <br />Council to annually set the relief allocation percentage that is anticipated to fully <br />use the PPTRA relief funds provided to the city by the state. <br /> <br />The Commissioner of the Revenue has completed the annual assessment of motor <br />vehicles that have a Martinsville tax situs for tax year 2008. By ordinance, <br />qualifying vehicles assessed at $1,000, or less, receive 100% relief. Qualifying <br />vehicles with assessed values between $1,001 and the first $20,000 receive a <br />calculated annual percentage of relief based on the number of qualifying vehicles <br />and their associated assessments. The Commissioner of the Revenue estimates <br />that a percentage rate of 50.87% will fully use all state PPTRA funds allocated to <br />the city for Tax Year 2008. <br /> <br />Attachments: <br /> <br />Resolution <br /> <br />Recommendations: Adopt resolution <br />