Henrico, Va. (NewsradioWRVA.com) - The Henrico Board of Supervisors will consider a personal property tax relief proposal that would give residents an additional 60 days to make their first car tax bill installment. The Supervisors expected to pass an emergency ordinance during their meeting Tuesday night that will delay the due date for the first installment of the bill from June 6 to August 5. That's the first phase of a two-pronged relief proposal for Henrico County residents jarred by higher than normal car value assessments due to higher-than-expected vehicle values.
The second phase would be a credit to the second installment bills that are still due on December 5th. As it stands right now, the county would provide a 52 cent reduction to the tax rate from the current $3.50 to $2.98 per $100 of assessed value. While the exact amount won't be known until accounts are reconciled after the end of the current fiscal year on June 30, officials currently expect to return a surplus of $20.4 million to county taxpayers. The current situation would provide a reduction of $62.40 for the owner of the average vehicle valued at $12,000.
The second part of the plan is enabled by a law that was signed by Governor Youngkin in April that's effective on July 1. This would direct the county to return surplus personal property tax revenues to the owners of qualifying vehicles, specifically automobiles, trucks and motorcycles.
This past spring, the Board of Supervisors approved the 2+2 plan, which is providing $20 million in real estate tax relief to soften the impacts of higher home values.
