Gov. Glenn Youngkin signed into law this week a bill designed to give localities the flexibility to cut car taxes and prevent large tax hikes driven by dramatic increases in used vehicle values.
HB1239, sponsored by Del. Phillip A. Scott (R-Fredericksburg), temporarily removes the restriction on localities that constitutionally mandates 100 percent fair market value in property tax assessments.
Prior to this bill’s passage, car tax rates could not be lower than the general rate of personal property which created a roadblock to cutting car taxes. This law now gives localities that option.
“With prices soaring on the necessities that families and individuals use every day, Virginians are in dire need of relief to their wallets. I am proud to sign this legislation and work with the General Assembly to empower localities to lower the cost of living,” said Youngkin. “Many Virginians are struggling due to rising prices, now it is up to local leaders across Virginia to step up and fight infla...