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RESOLUTION • ADOPTING CRITERIA FOR ALLOCATIONS OF PAYMENTS TO THE CITY BY THE COMMONWEALTH OF VIRGINIA FOR TANGIBLE PERSONAL PROPERTY TAX RELIEF FOR THE TAX YEAR COMMENCING JANUARY 1, 2009 WHEREAS, the Personal Property Tax Relief Act of 1998, Virginia Code §§58.1-3523 et seq. ("PPTRA") requires the City to take affirmative steps to implement changes to the PPTRA and to provide for the computation and allocation of relief provided pursuant to the PPTRA, as revised; and WHEREAS, the above -referenced statute provides for the appropriation to the City of Charlottesville of a fixed sum, to be used exclusively for the provision of tax relief to owners of qualifying personal -use vehicles that are subject to personal property taxation; WHEREAS, the City of Charlottesville has elected to compute tax relief as a specific dollar amount to be offset against the total taxes that would otherwise be due, but for PPTRA, and the reporting of such specific dollar relief on individual tax bills, as authorized by state law, which requires City Council to annually, by resolution, set the rate of tax relief at a level that is anticipated to fully exhaust the PPTRA relief funds provided by the Commonwealth to the City, and to establish specific criteria for the allocation of the Commonwealth's payments among the owners of qualifying vehicles; • NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of Charlottesville THAT qualifying vehicles obtaining situs within the City during the Tax Year commencing on January 1, 2009 shall receive personal property tax relief in the following manner: • Qualifying vehicles valued at $1,000 or less will be eligible for 100% tax relief; • Qualifying vehicles valued at $1,001 up to $20,000 will be eligible for 53% tax relief, • Qualifying vehicles valued at $20,001 or more shall only receive 53% tax relief on the first $20,000 of value; • Vehicles which do not meet the definition of a qualifying vehicle shall not be eligible for any form of tax relief under this program; and BE IT FURTHER RESOLVED THAT the City Treasurer shall, in accordance with state law, ensure that on the face of the City's personal property tax bills there is a general description of the criteria upon which relief has been allocated and that there is set out, for each qualifying vehicle that is the subject of such bill, the specific dollar amount of relief so allocated. Approved by Council April 14, 2009 f City Council •