WEST POINT — The West Point Town Council passed a resolution to set the town's personal property tax relief at 67.5 percent at its June 24 meeting.
According to Treasurer T.C. Moore, town residents who own a registered, nonbusiness-use vehicle valued up to $20,000 receive relief through the Personal Property Tax Relief Act (PPTRA).
For example, Moore said the regular tax amount for a resident who owns a vehicle worth $11,000 would be $387.20. The individual would receive $261.36 in tax relief.
Moore said the state allocates a PPTRA relief fund of $366,000 to West Point for this relief. The percentage is based upon the town's historical growth in personal property tax values of the level needed to thoroughly utilize this fund.
Moore said the 2013 rate was 94.5 percent due to the lower tax rate. In 2012, under the split-levy system the town has resumed using, the relief percentage was 62.2 percent.
Hudson added that the King William County Commissioner of the Revenue changed the criteria for assessment this year, using the highest used-vehicle values instead of the average used-vehicle values in the percentage.
The Town Council votes to change the rate each year because assessments change annually.