VirginiaTangible personal property tax relief; rate of taxation.
What it does
Tangible personal property tax relief; rate of taxation. Requires, for tax year 2027 and all tax years thereafter, each county, city, or town to reduce its local tax rate on qualifying vehicles to no greater than $0.000001 per $100 of the eligible assessed value of the qualifying vehicle. The bill defines "eligible assessed value" as $5,000 of the assessed value of a qualifying vehicle.
More detail
For tax year 2028 and all tax years thereafter, for any year in which the revenues of a county, city, or town grow by five percent or more, the bill provides that the eligible assessed value applied in such county, city, or town shall increase by an additional $5,000 until such time that the eligible assessed value equals $20,000.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 18Left in FinanceLatest
- Feb 10Subcommittee recommends laying on the table (7-Y 3-N)
- Vote recorded Subcommittee recommends laying on the table. Result: pass.Lower
- Feb 10House subcommittee offered
- Feb 8Fiscal Impact statement From TAX (2/8/2026 3:41 pm)
- Feb 3Assigned HFIN sub: Subcommittee #2Minor
- Feb 1Fiscal Impact statement From TAX (2/1/2026 11:28 am)
- Jan 13Referred to Committee on FinanceMinor
- Jan 13Prefiled and ordered printed; Offered 01-14-2026 26102059DIntroduced