(a) Purpose; Definitions. The purpose of this section in to provide for the implementation of changes to the Personal Property Tax Relief Act of 1998 (Va. Code § 58.1-3523. et seq.; “PPTRA” or “the Act”) made by legislation adopted during the 2004 Special Session I and the 2005 Regular Session of the Virginia General Assembly. The terms used in this section that have defined meanings in the Act shall have the same meanings as set forth in Va. Code § 58.1-3523 as amended by Chapter 1 of the 2004 Acts of Assembly (Special Session I). To the extent that the provisions of this section conflict with any other portion of the Codified Ordinances of Loudoun County, this section shall control.
(b) Method of Computing and Reflecting the Allocation of Tax Relief. For the tax year beginning January 1, 2006, and all subsequent tax years, tax relief shall be a specific dollar amount offset against the total personal property taxes that would otherwise be due on a Qualifying Vehicle but for PPTRA, calculated as a percentage of such total personal property tax due, pursuant to Item 503, Chapter 951 of the 2005 Acts of Assembly (“the 2005 Appropriations Act”). The amount of relief credited, both as a specific dollar amount and as a percentage, shall be shown on the tax bill for each Qualifying Vehicle, together with an explanation of the general manner in which relief is allocated.
(c) Implementation of Tax Relief. Pursuant to Item 503(E) of the 2005 Appropriations Act, the Board of Supervisors shall, by resolution adopted prior to April 1st, annually as part of a regular Board agenda, set the percentage rate (or rates) of tax relief for the first twenty thousand dollars ($20,000) of value of Qualifying Vehicles at such a level that it is anticipated to fully exhaust the PPTRA relief funds provided to the County by the Commonwealth of Virginia and comply with the requirements of Va. Code § 58.1-3524(C)(2).
(Ord. 05-09. Passed 12-13-05; Ord. 18-13. Passed 7-11-18.)