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• A RESOLUTION <br />REQUESTING THAT THE COMMISSIONER OF REVENUE <br />UTILIZE THE AVERAGE TRADE IN VALUE, <br />AS ESTABLISHED IN A RECOGNIZED PRICING GUIDE, <br />WHEN ASSESSING AUTOMOBILES AND CERTAIN OTHER <br />MOTOR VEHICLES FOR PURPOSES OF <br />PERSONAL PROPERTY TAXATION <br />WHEREAS, Virginia Code § 58.1-3503 and Charlottesville City Code § <br />30-31 provide in pertinent part that the Commissioner of Revenue shall use a <br />recognized pricing guide when assessing automobiles and certain other types of <br />motor vehicles for purposes of the City's personal property tax; and, <br />WHEREAS, the aforementioned legislation also allows the Commissioner <br />to use either the average retail, wholesale, or loan values as set forth in such guide <br />when assessing property; and, <br />WHEREAS, automobiles are currently assessed in the City of <br />Charlottesville according to the average loan value, which is the lowest of the <br />available options for assessing automobiles and other motor vehicles; and, <br />• WHEREAS, this Council is of the opinion that the average wholesale <br />values set forth in recognized pricing guides more accurately reflect the true value <br />of automobiles and other motor vehicles. <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 <br />utilize, as of January 1, 2006, the average trade in value as set forth in a <br />recognized pricing guide when assessing automobiles and other motor vehicles for <br />purposes of personal property taxation. This Resolution shall not be applicable to <br />any classes of motor vehicles that by law must be assessed at the lowest value <br />specified in a pricing guide, or by some other standard. <br />Approved by Council <br />December 5, 2005 <br />le c of City Council <br />0 <br />