Va residual income chart 20216/30/2023 ![]() The previous 100% subsidy only applied to vehicles assessed at $1,000 or less. Starting with Tax Year 2022, the City will now apply the State Car Tax subsidy to 100% of the amount due on Personal Use vehicles assessed at $5,000 or less. This is because while the overall average increase is about 26%, the range of increases varies widely.Ĭar Tax bills will be mailed this summer, due to be paid on or before October 5, 2022.Īlong with the Assessment Ratio on all cars, City Council has taken additional action to minimize the tax burden on lower-valued cars. Still, it is important to note that even with the use of an Assessment Ratio, many taxpayers will still see an increase on their specific vehicle. The resulting discount on the 2022 assessed value is the highest in Northern Virginia. This action is permitted by Section 58.1-3503(B) of the Code of Virginia.Īdoption of the 78.8% Assessment Ratio was determined after considerable deliberation by City Council on the needs of the FY 2023 Operating Budget. This means that on every vehicle being taxed, the City will apply a discount of 21.2% to NADA’s January market value. ![]() ![]() Rather than tax the full market value as allowed by law, on May 4, 2022, the Alexandria City Council adopted an Assessment Ratio of 78.8% for Tax Year 2022. The 2022 assessed value increased approximately 26% for roughly 87% of vehicles in the City. All jurisdictions in Virginia, including the City of Alexandria, use the National Automobile Dealers Association (NADA) values for used vehicles.Įconomic factors associated with the COVID-19 pandemic have wrought unprecedented spikes in car valuations on a state and national basis. As required by the Code of Virginia, vehicles are valued by a recognized pricing guide as of January 1 of each tax year.
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