City Updates Vehicle Valuation Policy for Purposes of Personal Property Tax
As part of a policy and procedure review, the Winchester City office of the Commissioner of the Revenue announces it will henceforth be assessing all taxable vehicles according to documented NADA valuation methodology. This change affects only those vehicles of eighteen years and older (18+ years) which are not registered as antique vehicles. Such older vehicles had been heretofore assessed at a value of $200.00 regardless of actual value, but now will be assessed fairly and according to the same standards as all other taxable vehicles in the City of Winchester.
Most vehicles in the City are subject to both a fixed annual license fee and a personal property tax based upon assessed vehicle value. The City Council recently voted to exempt antique vehicles from personal property taxation, formalizing a long-standing policy of the Commissioner of the Revenue. In accordance with State Code, antique vehicles remain subject to an annual license fee.
Taxpayers must report all personal property to the Commissioner of the Revenue within 45 days of its purchase or move into the City of Winchester. If not reported, a 10% late filing fee will be added to the assessment. Taxpayers should verify vehicular personal property is properly registered or removed on the records of the Virginia Department of Motor Vehicles (DMV) before contacting the office of the Commissioner of the Revenue.
The Commissioner of the Revenue strictly follows the Code of Virginia regulations regarding personal property assessments. Any taxpayer who feels his or her assessment is not accurate may appeal to the office of the Commissioner of the Revenue on a case-by-case basis and with proper documentation.
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