Quote:
Originally posted by krygny
But how often do you pay the tax? One time? Every year? Is it in addition to vehicle registration?
Come to think of it, about 12 years ago when I worked for Grumman, a number of colleagues transferred to a new facility in Norfolk. They told me they had to pay a tax on property they brought into the state - everything from vehicles to pieces of furniture (if I understood them correctly). The company relocation package paid for moving, but not the tax. Because of that, they elected to sell or leave behind some of their belongings and re-buy new once they moved. I guess every place has revenue schemes that are just maddening. Here, they charge you $4.50 just to drive across a bridge.
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In Virginia, the "personal property" tax is on just boats, motorcycles or cars/trucks, and the scheme is like this:
-one time 3% on sale price, whether new, used , dealer or private party
-yearly tax, county by county, on the assessed value of the vehicle. In Prince William County, it's $4+ per hundred of assessed value, which is usually wholesale or trade-in blue book.
Then there's the whole Car Tax Act formula, which reduces the tax by a percentage.
I've never heard of any personal tax on furniture or other "belongings" in Virginia. Just cars/trucks, boats, motorcycles, and of course income and real estate.
As an example of taxes paid between Maryland and Virginia, the income, sales and real estate taxes are about equal. But in Virginia I pay the personal property tax, and in Maryland I'd pay a county tax equal to 50 or 60% of my state income tax.
Driving an xB with an assessed value of $10,000, I'll pay about $400 in taxes using the Prince William County values. Living across the Potomac in Montgomery County, making say $50,000 a year, I'd pay 60% of my state income tax, or about $1300 in a county tax. In Virginia, as the value of my vehicle drops, the tax drops. In Maryland, as my income increases, the tax increases. I like Virginia's approach relative to the nearby alternatives.
