PPTRA set at 34.25 percent
The Prince Edward County Board of Supervisors unanimously adopted a resolution to approve that the Personal Property Tax Relief Act percentage of tax relief from the commonwealth for the 2019 tax year is 34.25 percent of the assessed value.
“Every year we have to calculate the percentage of tax relief for individuals, because what’s called PPTRA — Personal Property Tax Relief Act — is set at $1,305,350 every year,” County Administrator Wade Bartlett said. “Because the value of personal property goes up, the percentage goes down. And this year after calculations that were done by myself and the commissioner of revenue and our consultant that helps us with the Bright financial system, we’re recommending that it be 34.25 percent of assessed value. Last year’s was 34.75 percent.
“So what that means is the PPTRA funds we received from the state, if you have $10, then ($3.42) will be paid by the state PPTRA …,” he added.
Bartlett said the staff recommendation to the board was to review the resolution and then pass it to set the PPTRA at 34.25 percent.
The PPTRA resolution provided in the board meeting packet stated that “any qualifying vehicle used within the county of Prince Edward, Virginia, commencing Jan. 1, 2019, shall receive personal property tax relief in the following manner:
• “Personal use vehicles with assessed value of $1,000 or less will be eligible for 34.25 percent tax relief; and
• “Personal use vehicles with assessed value of $1,001 or more shall receive 34.25 percent tax relief on the first $20,000 in assessed value; and
• “All other vehicles which do not meet the definition of “qualifying” (such as business use vehicles, motor homes, etc.) will not be eligible for any form of tax relief under this program; and
• “In accordance with Item 503.D.1. of Chapter 951 of the 2005 Acts of Assembly, the entitlement to personal property tax relief for qualifying vehicles for tax year 2005 and all prior tax years shall expire on Sept. 1, 2006. Supplemental assessments for tax years 2005 and prior years that are made on or after Sept. 1, 2006 shall be deemed “non-qualifying” for purposes of state tax relief and the local share due from the taxpayer shall represent 100 percent of the tax assessable.”