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<br /> <br />Martinsville <br /> <br />it <br /> <br />i : ! i <br /> <br />I '.' <br /> <br />RESOLUTION <br />SETTING THE ALLOCATION PERCENT AGE FOR PERSONAL PROPERTY TAX <br />RELIEF IN THE CITY OF MARTINSVILLE FOR TAX YEAR 2008 <br /> <br />WHEREAS, on December 13, 2005 by Ordinance 2005-8 the Martinsville City Council <br />established a local program of tax relief that serves the best interests of its citizens regarding <br />personal property tax on qualifying use vehicles, pursuant to modifications made by the General <br />Assembly of Virginia to the Personal Property Tax Relief Act of 1998 (PPTRA); and <br /> <br />WHEREAS, the city's relief program requires the city council to adopt an annual percentage of <br />local tax relief for personal use vehicles valued between $1,001 and the first $20,000 that will <br />fully exhaust the PPTRA relief funds provided to the city by the Commonwealth of Virginia; and <br /> <br />WHEREAS, the commissioner of the revenue has completed the annual assessment of motor <br />vehicles with Martinsville tax situs for Tax Year 2008; and <br /> <br />WHEREAS, the commissioner of the revenue estimates that a percentage of relief of 50.87% <br />applied to the first $20,000 of assessed values for qualifying vehicles valued over $1,000 will <br />fully use all available state PPTRA relief allocated for tax year 2008. <br /> <br />NOW, THEREFORE BE IT RESOLVED by the Martinsville City Council that 50.87% shall <br />be the percentage of relief to be applied to the first $20,000 in value of each qualifying vehicle <br />with an assessed value more than $1,000 pursuant to and in accordance with provisions of Sec. <br />21-10 of the Martinsville City Code. <br /> <br />Adopted this 26th day of August 2008. <br /> <br />ATTEST: <br /> <br />Clerk of Council <br /> <br />VOTE <br /> <br />Kathy C. Lawson <br />Kimble Reynolds, Jr. <br />Mark C. Stroud, Sr. <br />M. Gene Teague <br />Danny Turner <br />