The impacts of COVID-19 are and continue to be far-reaching. Among the more unusual is the increased value of used vehicles and the effect that has had on personal property tax assessments.
Historically, vehicle values tend to depreciate from month to month. As such, the predicted value of any vehicle would be lower than the value of that same vehicle the previous January.
In early 2020, vehicle values were trending as the industry normally expected. Then, in March, COVID-19 altered the anticipated trends of the automobile industry.
“As a result, all major vehicle valuation services, not just National Automobile Dealers Association (NADA), indicated increased market values between January 2020 and January 2021,” according to a Gloucester County release.
Gloucester’s Community Engagement and Public Information Office sent out the information last week on behalf of the Commissioner of the Revenue’s office, regarding the impact some taxpayers are seeing on their vehicle valua...
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