Bill Text: VA HB724 | 2024 | Regular Session | Prefiled
Bill Title: Personal property; taxation rates, restrictions and conditions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-02-13 - Left in Finance [HB724 Detail]
Download: Virginia-2024-HB724-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §58.1-3506.2 of the Code of Virginia is amended and reenacted as follows:
§58.1-3506.2. Restrictions and conditions.
Any difference in the rates for purposes of this section shall be subject to the following restrictions and conditions:
1. The total combined income received,
excluding the first $7,500 $15,000 of
income, at the option of the local government, from all sources during the
preceding calendar year by the owner of the motor vehicle shall not exceed the
greater of $30,000 or
the income limits based on family size for the respective metropolitan
statistical area, annually published by the Department of Housing and Urban
Development for qualifying for federal housing assistance pursuant to §235 of
the National Housing Act (12 U.S.C. §1715z) $80,000 or the median income
for the respective locality as
described in the Annual Social and
Economic Supplement to the Current Population Survey published by the U.S.
Census Bureau.
2. The owner's net financial worth,
including the present value of all equitable interests, as of December 31 of
the immediately preceding calendar year, excluding the value of the principal
residence and the land, not exceeding one acre, upon which it is situated,
shall not exceed $75,000 $450,000.
The local government may also exclude such furnishings as furniture, household
appliances and other items typically used in a home.
3. Notwithstanding the provisions of subdivisions 1 and 2, in
Fairfax County and any town adjacent thereto, Arlington County, Chesterfield
County, Loudoun County, and Prince William County, or the Cities of Alexandria,
Chesapeake, Fairfax, Falls Church, Manassas, Manassas Park, Portsmouth, Suffolk
or Virginia Beach, or the Town of Leesburg, the board of supervisors or council
may, by ordinance, raise the income and financial worth limitations for any
reductions under this article to a maximum of the greater of $52,000 or the income limits based upon family
size for the respective metropolitan statistical area, published annually by
the Department of Housing and Urban Development for qualifying for federal
housing assistance pursuant to §235 of the National Housing Act (12 U.S.C. §
1715z) $130,000 or the
median income for the respective locality as
described in the Annual Social and Economic Supplement to the Current
Population Survey published by the U.S. Census Bureau, for
the total combined income amount, and $195,000 $750,000
for the maximum net financial worth amount which shall exclude the value of the
principal residence and the land, not exceeding one acre, upon which it is
located.
4. All income and net worth limitations shall be computed by aggregating the income and assets, as the case may be, of married individuals who reside in the same dwelling and shall be applied to any owner of the motor vehicle who seeks the benefit of the preferential tax rate permitted under this article, irrespective of how such motor vehicle may be titled.
5. The General Assembly shall review the income and net financial worth restrictions described in this section every four years to determine whether such restrictions require adjustment based on the total change in the United States Average Consumer Price Index for all items, all urban consumers (CPI-U), as published by the Bureau of Labor Statistics for the U.S. Department of Labor for the previous four-year period.
