An alternative personal property tax rate shall be granted subject to the following provisions:
(a) The title of the vehicle for which an alternative rate is sought is held on January 1 of the taxable year by the person or persons seeking the alternative rate and Loudoun County is the situs of the vehicle for which an alternative rate is sought on January 1 of the taxable year.
(b) On December 31 of the year immediately preceding the taxable year, the person using the vehicle and owning title thereto is (i) sixty-five years of age or older, or (ii) permanently and totally disabled.
(c) The gross combined income of the owner or owners during the year immediately preceding the taxable year did not exceed fifty-two thousand dollars ($52,000), provided that the first seven thousand, five hundred dollars ($7,500) of income received by an owner during the year immediately preceding the taxable year as compensation for permanent disability shall not be included in the total. Gross combined income includes all gross income from all sources of the owner or owners, including (by way of example and not limitation) interest income, dividend income and distributions from trusts.
(d) The total combined net financial worth of the owner or owners as of December 31 of the year immediately preceding the taxable year did not exceed one hundred ninety-five thousand dollars ($195,000). Total net financial worth shall include the value of all assets, including the present value of all equitable interests of the owner or owners and the owners spouse, and shall exclude the fair market value of the dwelling and the land upon which it is situated, not exceeding one acre.
(Ord. 98-13. Passed 11-4-98.)