ISLE OF WIGHT, Va. (WAVY) — With the record inflation, Isle of Wight County on Thursday became the first major local government in the Hampton Roads region to try and provide relief.
Vehicles are typically a depreciating asset — meaning they lose value as time goes on. However, higher assessed values for used cars due to a shortage of new vehicles means personal property taxes a person will owe will also go up.
During a meeting Thursday night, the Isle of Wight Board of Supervisors voted unanimously to lower the county’s personal property tax rate by 60 cents.
This is estimated to reduce the tax burden on local taxpayers by over $1 million.
The county administrator stressed that the relief would be a temporary change.
Additionally, the car tax relief for calendar year 2022 will be set at 35% for vehicles more than $1,000 in value on the first $20,000 in value. For vehicles worth less than $1,000, relief is 100% percent.
Isle of Wight Supervisor William McCarty says he hopes they serve as an example for the region to follow. The vehicle tax rate and any relief are controlled by local governments, not the state.
