What Is Virginia Personal Property Tax? (Question)

The current personal property tax rate is 4.13 per $100 of assessed value.

Assessments and Tax Rates.

Classification Tax Rate per $100 of Gross Receipts
Personal Property $4.13
  • Other types of exemption are validated through Virginia DMV records and/or information provided by the US Congress. Personal Property Tax: The Personal Property Tax rate is $5.33 per $100 (5.33%) of the assessed value of the vehicle ($3.55 for vehicles with specially-designed equipment for disabled persons).

What is considered personal property tax in Virginia?

The Personal Property Taxpayers Division assesses all vehicles including cars, trucks, trailers, motorcycles, motor homes, aircraft, and watercraft. Mobile homes on temporary foundations are also assessed as personal property. Personal Property is taxable in the locality where it is normally garaged, docked, or parked.

What is considered personal property in Virginia?

Tangible personal property, as defined by state code, is all personal property not otherwise classified as intangible personal property, merchants’ capital, or as short-term rental property (Code of Virginia, §58.1-3500).

How much is Virginia personal property tax on cars?

The tax rate for most vehicles is $4.57 per $100 of assessed value. For properties included in a special subclass, the tax rate is $0.01 per $100 of assessed value. This special subclass includes the following: privately-owned vans used for van pools.

What is Virginia personal property tax used for?

General Information. Personal property tax relief is provided for any passenger car, motorcycle, or pickup or panel truck having a registered gross weight with DMV of 10,000 pounds or less on January 1. Qualifying vehicles must be owned or leased by an individual and be used 50% or less for business purposes.

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How does personal property tax work in Virginia?

The current tax rate for most all vehicles is $4.20 per $100 of assessed value. The current percentage of personal property tax relief is 35% and is provided only on the first $20,000 of a vehicle’s value. For an estimate of the tax on your vehicle, contact the office of the Commissioner of the Revenue.

What is personal property tax?

A personal property tax is a tax levied by state or local governments on certain types of assets owned by their residents. Generally, personal property means assets other than land or permanent structures, such as houses, which are considered real property.

How do I pay personal property tax in Virginia?

You can pay your personal property tax through your online bank account. When you use this method to pay taxes, please make a separate payment per tax account number. Also, if it is a combination bill, please include both the personal property tax amount and VLF amount as a grand total for each tax account number.

How often do you pay personal property tax in VA?

Personal Property Taxes are due semi-annually on June 25th and December 5th. Supplement bills are due within 30 days of the bill date. View important dates for current supplements and due dates.

Do you have to pay property taxes in Virginia?

Homeowners in the state of Virginia pay property tax rates that are well below the national average of 1.07%. In fact, the state’s average effective property tax rate is just 0.80%, which falls in the bottom half of the nation.

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Can I deduct personal property tax on car in Virginia?

In Virginia: Personal property taxes are deductible because they are ad valorem taxes (based on value). Vehicle registration fees are not deductible because they are determined by the weight of the vehicle.

How much is vehicle tax in VA?

The Virginia Department of Motor Vehicles states that there is a 4 percent sales tax rate for any vehicle that you purchase within state lines, with the minimum sales tax for purchased vehicles being $75.

Why does Virginia have a car tax?

In recent decades, most people have only had to pay the personal property tax bills on vehicles or, in certain areas, mobile homes that they own or lease, which led to the colloquial reference to the tax as the “car tax” to separate it from the real estate property taxes paid to local governments.

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