The Prince William Board of County Supervisors unanimously voted to extend the payment deadline for personal property taxes from October 7 to December 5, 2024. This new deadline aligns with the due date for real estate taxes. However, as previously scheduled, the Business Tangible Personal Property Tax will remain due on October 7, 2024.
The decision to extend the personal property tax deadline aims to provide relief to residents who would otherwise have to make two substantial tax payments within a short timeframe. Some board members raised concerns about the potential strain on retirees and others living on fixed incomes who might struggle to meet both tax obligations simultaneously.
The board also discussed the methodology for assessing vehicle values, which has been a point of contention. Under the Virginia Code, localities must use a nationally recognized pricing guide for vehicle assessments. Prince William County currently uses the clean trade-in value provided by the J.D. Power (NADA) pricing guide, which reflects actual vehicle sales and auctions in the region.
Approximately 95% of all vehicles in the county are assessed using this guide, which remains the standard for most jurisdictions in Virginia. However, some supervisors questioned whether the county should continue relying on this system for future assessments.
This extension of the personal property tax deadline is seen as a temporary measure to help ease financial stress, but discussions on long-term tax reforms, including vehicle assessment methods, are likely to continue.
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