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495 <br /> <br /> Mr. Schilling said if shifting the tax is the intent, and if Council is willing to cut <br />the tax rate a commensurate amount he is willing to support it, but otherwise is not. He <br />said people are paying enough taxes. <br /> <br /> Mr. Lynch made a motion to approve the resolution changing the valuation <br />method to trade in value effective January 1, 2006, and Ms. Hamilton seconded the <br />motion. <br /> <br /> Mr. Caravati said he hopes we will confront raising the base level to $1,500 to <br />$2,000 in the coming year. <br /> <br />Mr. Lynch said the intent is to be able to reduce the reliance on real estate taxes. <br /> <br /> Mr. Schilling said he would like to amend the motion to say that the real estate <br />taxes will be reduced by the amount of the increases in the property tax due to this <br />change. <br /> <br /> Mr. O'Connell suggested that the new valuation method be adopted separately, <br />and that Council adopt a policy directing that the reduction be made in the budget. <br /> <br />Dr. Brown said he is willing to support that as a separate motion. <br /> <br /> The resolution adopting the trade in value as the valuation method was approved <br />by the following vote. Ayes: Dr. Brown, Mr. Caravati, Ms. Hamilton, Mr. Lynch, Mr. <br />Schilling. <br /> <br /> WHEREAS, Virginia Code § 58.1-3503 and Charlottesville City Code § 30-31 <br />provide in pertinent part that the Commissioner of Revenue shall use a recognized pricing <br />guide when assessing automobiles and certain other types of motor vehicles for purposes <br />of the City's personal property tax; and, <br /> <br /> WHEREAS, the aforementioned legislation also allows the Commissioner to use <br />either the average retail, wholesale, or loan values as set forth in such guide when <br />assessing property; and, <br /> <br /> WHEREAS, automobiles are currently assessed in the City of Charlottesville <br />according to the average loan value, which is the lowest of the available options for <br />assessing automobiles and other motor vehicles; and, <br /> <br /> WHEREAS, this Council is of the opinion that the average wholesale values set <br />forth in recognized pricing guides more accurately reflect the true value of automobiles <br />and other motor vehicles. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Charlottesville, Virginia that the Commissioner of Revenue is hereby requested to utilize, <br />as of January 1, 2006, the average trade in value as set forth in a recognized pricing guide <br />when assessing automobiles and other motor vehicles for purposes of personal property <br />taxation. This Resolution shall not be applicable to any classes of motor vehicles that by <br />law must be assessed at the lowest value specified in a pricing guide, or by some other <br />standard. <br /> <br /> Mr. Lynch made a motion to direct the City Manager to present a budget <br />reflecting a real estate tax reduction equal to the increase in revenue as a result of the <br />change of the valuation method for personal property taxes. <br /> <br />Mr. Schilling seconded the motion. <br /> <br /> Mr. Caravati said he cannot support this. He said we need to go at it from the <br />other end. <br /> <br />Mr. Schilling said we are talking about a revenue neutral policy. <br /> <br /> <br />