2004_Ordinances - Laserfiche WebLink

Home Browse Search

10(a) The following categories of tangible personal property shall be subject to the city's annual tax levy and shall be annually assessed by the commissioner of revenue in • the manner set forth herein, consistent with the requirements of §58.1-3503(B) of the Code of Vir im : "(1) Automobiles, except those described in subdivisions (5), (6) and (7) of this subsection, which shall be valued by means of a recognized pricing guide or if the model and year of the individual automobile are not listed in the recognized pricing guide the individual vehicle may be valued on the basis of percentage or percentages of original cost, and if sueh pe e.,tage or ..,.«,.,., tage,. oforiginal eest do not m _ atel . «eflee, f i market value, In using a recognized pricing guide the commissioner shall use either of the following two methods: the commissioner may use all applicable adjustments in such guide to determine the value of each individual automobile, or alternatively, if the commissioner does not utilize all applicable adjustments in valuing each automobile he shall use the base value specified in such guide, which may be either average retail wholesale or loan value so long as uniformly applied within classifications of property. If the model and year of the individual automobile are not listed in the recognized pricing guide, the taxpayer may present to the commissioner proof of the original cost and the basis of the tax for purposes of the motor vehicle sales and use tax shall constitute proof of original cost. If such percentage or percentages of original cost do not accurately reflect fair market value, or if the taxpayer does not supply proof of original cost then the commissioner may selectg.,nsh othe another method which establishes fair market value. (2) Trucks of less than two (2) tons, which may be valued by means of a recognized pricing guide or if the model and year of the individual truck are not listed in the recognized pricing guide on the basis of a percentage or percentages of original cost. • (3) Trucks and other vehicles, as defined in §46.2-100 of the Code of Virginia, except those described in paragraphs (4) and (6) through (10) of this subsection, which shall be valued by means of either a recognized pricing guide using the lowest value specified in such guide or a percentage or percentages of original cost. (4) Manufactured homes, as defined in Code of Virgins ..ertio. X36-85.3 of the Code of Vic ig nia, which may be valued on the basis of square footage of living space -OF .eh othe« !awful basis as the commissioner y deem „ _iat 12 (5) Antique motor vehicles, as defined in Code of tion X46.2-100 of the Code of Virginia which may be used for general transportation purposes as provided in &46.2-730(C) of the Code of Virginia. (6) Taxicabs. (7) Motor vehicles with specially designed equipment for use by the handicapped, which shall not be valued in relation to their initial cost, but by determining their actual market value if offered for sale on the open market. (8) Motorcycles, campers and other recreational vehicles, which shall be valued by means of a recognized pricing guide or a percentage or percentages of original cost. (9) Boats weighing under five (5) tons and boat trailers, which shall be valued by means of a recognized pricing guide or a percentage or percentages of original cost. 10 Va. Code §58.1-3503 Va. Code §58.1-3503(A)(3) Va. Code §58.1-3503(A)(7) Page 6 of 14