May 21, 2022


The Automotive Fanatics

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Henrico leaders to vote on personal property tax bill extension

HENRICO COUNTY, Va. — Angered and bewildered above a drastic raise in their auto tax expenses, 1000’s of Virginia taxpayers are achieving out to their area leaders for solutions. In Henrico County, the plea for help is remaining answered.

On Tuesday, the Henrico County Board of Supervisors will vote on a proposed crisis ordinance, introduced Friday by County Supervisor John Vithoulkas, to mitigate tax improves on particular residence expenses.

In some situations, taxes have greater on vehicles and trucks by as a lot as 35% of their assessed price simply because of source chain problems and the large demand from customers and minimal source for applied automobiles.

“When we well balanced our spending budget in March, we had anticipated an raise of 15% to 20% for car values thanks to inflation. We experienced no strategy that it would be as superior as it was or that inflation would be as negative as it is,” says Board of Supervisors Chairman Pat O’Bannon.

O’Bannon states the initial of the strategy will give persons a lot more time to fork out the to start with 50 percent of their own residence tax (citizens are sent two expenditures each and every yr). The emergency ordinance moves the thanks day from June 6 to August 5, with no penalties or desire.

The 2nd part of the program will happen this summer months, as soon as a change to a condition legislation usually takes outcome July 1 that allows localities to return surplus own property tax revenues to residents.

Under the proposal, Henrico would proficiently minimize the individual residence tax level by 52 cents for the year (from $3.50 to $2.98 for every $100 of assessed price).

The specific total of cash returned to taxpayers will be decided the moment the fiscal year finishes on June 30.

Henrico leaders explained they thought they had been the to start with city or county in Virginia to return the two a surplus authentic estate and particular property tax monies to taxpayers in the exact same calendar year.

“Henrico is fully commited to retaining taxes very low and pushing them reduce,” Vithoulkas reported. “We are committed to remaining good stewards and performing what is proper by our taxpayers. That is our promise.”

O’Bannon states she hopes by upcoming year, the expense of new and applied vehicles will go down and tax rates will return to ordinary.

“We are hoping this is temporary,” O’Bannon suggests. “We are hoping inflation is momentary and we are hoping that the absence of cars is short term.”

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