VA Personal Property Tax Assessment

Care to give me a basic rundown on the property tax rate and what value they base it on? Looking at moving out to the Alexandria area in the next year and was wondering what to budget when we reregister our leased car in VA.

 

Welcome to the nasty nature of property taxes. Any time an asset shows a substantial increase in value, state and local govs will be all over it for taxation. When that value drops (i.e. real estate in 2008), do we see any tax savings? Of course not.

I know they're a necessary evil, but taxes make me angry sometimes....

 

Just got my bill last night as well and plan on challenging it. Anyone have access to the Ferrari Market Letter? I'd be curious to what they are showing for Ferrari's there but I don't think the prices are going up. Has anyone had success challenging their tax bill and, if so, any tips?

Fairfax County uses NADA to calculate the value which isn't a very reliable method given the low sales volume of an Fcar. As an example, NADA shows the average sales price for my car (98 355 F1 Spider) at $96,000. If I could get $96K for it, I would sell it NOW even though I love the car. Sorry, everyone has their price ;-)

Matt, the calculation is $4.57 per $100 assessed value.

Just bear with me guys because I go through this every year. At some point, I get so frustrated with the tax bill that I decide to sell my car. This is just a temporary lapse and usually goes away just after I pay the bill. Just bear with me, I can't help it and do it every year.

 

Many years ago in Virginia (1993) I paid $48,500 for a new Porsche 911 RS America. Sticker on the car was around $52k, if I recall correctly. "Standard" 911s were stickered in the $60s, $64k comes to mind. Virginia assessed my car at $64,000.

I protested, sent in all sorts of information. Protest of course denied - when I phoned, I was told "we rely on our software." Taking the protest further would have required too much time and expense, so I paid up.

My experience dates to many years ago, perhaps things have changed, but I'll bet they haven't, in which case the lesson is:


They're stealing, and they're doing it because they can.

 

Imagine if you had a vintage Ferrari

 

Those old Ferraris are such a pain in the a$$ to maintain that they should give you a tax break for all the work you have to do to enjoy them! ; ) (by the way, is the tranny back in the C4?)

But then again, maybe that's part of the joys of ownership.

ken

 

Another reason not to live in VA. Sorry guys, but that tax sucks.

Anyone considered setting up an LLC or something in Montana, Delaware or Nevada? You could title the cars there, and save some $$$$.

Of course, one should reside there as well, otherwise, this might be illegal...

 

This is nonsense!! I have a buyers order that evidences the fair value of my vehicle at waaaaaaay less than $96k!!! What could be more competent evidence of fair market value than a price in an arms length transaction?? I'm going to fight mine. That assessed value needs to be halved.

 

They use the NADA book as of Jan 1 each year. They do that so they can get max dollars out of us as they know most cars will depreciate as the year goes on.

On new vehicles they use the sticker price reported ...not what you might have paid.

The Bobert

 

"On new vehicles they use the sticker price reported ...not what you might have paid."



Again, in my case from many years ago, they valued my car at substantially over sticker. Thieves.

 

I printed out the NADA value on all my cars in January just so I could verify they are honoring that system. For full disclosure my tax bill was based on $64.5K even though NADA shows $96Kwhich is still very high based on what I'm actually seeing cars sell for. Sorry for the confusion but they clearly have some system they are using in conjunction with NADA to come up with these values.

 

So am I correct they taxed you at $64.5K?

The Bobert

 

Got my Ferrari and Lotus bills yesterday too. I'm ready to move

 

My '93 C-2 Cab was stickered at $79K.

Each county and city uses its own way to calculate, and has its own tax rate which differs from each jurisdiction. The locality in which my 575 is garaged has actually been suprisingly reasonable, while some of my other personal property which is kept in other localities is ridiculous.

I feel fairly confident that your contacting the personal property division of where the property is garaged will result in your being informed of an appeal process. Just like real estate appraisals, you can take the matter all the way to circuit court for a hearing.

 

I thought you sold the Lotus?

 

Virginia taxing everything in sight...Wow! And I was complaining about O'Malley not letting us in on his decision to raise our state sales tax by 1% until after he was in office.

 

I currently live in Loudoun county and their rate is $4.20/$100. You pay twice a year (May & Oct.) here so instead of one big bill, they hit you with two only-half-as-big bills. So I guess you could liken it to either peeling a band-aid off slooowwwly or reallyquickly.

Tax bill is prorated to date of sale. They aren't leaving anything on the table.

City of Alexandria: pers prop. tax rate is $4.75 per $100 of assessed value.*

*Clarification: there are parts of Alexandria that fall under Fairfax County jurisdiction ($4.57/$100 per Monte --just as pricey, but not as painful as City of Alexandria) so check the ZIP code to get the full picture.

 

Heads up to those thinking about moving to VA...

In Maryland, state sales tax is paid only once on the car - when it is purchased, and that's it for the entire ownership of the car. There is no annual property tax paid on your cars owned in Maryland. Also in Maryland, if you maintain the car properly, cars are state inspected only once - when you buy the car. Isn't VA every six months as long as you own the car?

 

"Heads up to those thinking about moving to VA..."


Yes, but heads up for those thinking about moving to MD - thoroughly corrupt, single party government; lots of speed and red light cameras, in ever increasing nos; local, in addition to state, taxes; ever expanding government spending.

It's tough to call this race. A long time ago, I'd have given VA the nod; now, I'm not sure.

 

I HATE VA.

Remember the marketing campaign: VA is for Lovers?

Try again: VA is for money-grabbing politicians who love to take advantage of their constituents.

It's why I've steadily transitioned out.

Not to make it political, but this is what you get when you elect tax-and-spend politicians.

CW

 

"this is what you get when you elect tax-and-spend politicians"


As a proud Marylander, I'd say our tax and spend politicians can lick your amateur tax and spend politicians any day of the week. Here in suburban Maryland, people love government (many if not most of them work for it) and want more of it!

Our idiots can beat your idiots.

OK, no more politics from me, sorry.

 

ah, grasshopper, that's where the advantage is of our beaurocratic friends relying solely on their "software" - I paid $4 and change last year in prop taxes on the big black car. If a car is not in their software - usually an age issue - they don't know how to value it and give it a default value of $100.

Ken - the tranny is out of my car, not Michael's C/4 - it's just that my car has been taking up space on Michael's 4-post lift for the last 3 weekends .. . we'll button it back up this weekend w/ its new clutch, new synchros, re-surfaced flywheel.

 

Agreed. MD has had a longer, lefter-leaning leadership. However, VA is working hard to catch up!

CW

 

Thanks for the run down gentleman!