HENRICO COUNTY, Va. (WRIC) — Motorists in Henrico County will get a break on their twice-annual tax bill, as the county has decided to slash the personal property taxes that will be due this December.
Due to a sudden rise in car prices across the country, the county will use surplus funds collected last year to credit 52 cents per $100 to all vehicle-owners.
The current personal property tax rate is $3.50 per $100 of assessed value, meaning residents with a car worth $20,000 would normally pay $700. Now, with an effective rate of $2.98, that same resident would pay $596.
The ordinance, adopted unanimously at a board meeting on Tuesday, July 26, enacts tax relief unveiled by the county earlier this year. The credit will go towards “automobiles, trucks, and motorcycles” — so boat owners are out of luck.