Montgomery County working to avoid personal property tax hike
MONTGOMERY COUNTY, Va. (WDBJ) - The Montgomery County Board of Supervisors is discussing plans to ease residents’ personal property taxes this year.
Car values have drastically increased due to inflation.
To prevent residents from paying more in taxes, the board is pushing to only tax on 80% of market value instead of 100%.
The county believes an 80% assessment ratio would create a more fair market value for vehicles.
“With the assessed values coming in at 27% higher, that would be an increased revenue of about $4.8 million,” Montgomery County Board of Supervisors Chair Sherri Blevins said. “We just don’t think that that’s fair, and we wouldn’t want to place that burden on our citizens.”
The board will ask the county’s commissioner of revenue to establish an assessment ratio before it votes on reducing the tax September 12.
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