Roanoke County approves historic tax reductions and Personal Property Tax relief for citizens
Roanoke, Virginia – The Roanoke County Board of Supervisors has made a significant move to reduce taxes and provide personal property tax relief for its citizens. This landmark decision has marked the first change in Personal Property Tax rate since 1982 and Real Estate Tax rate since 2007.
The Board has approved a three-cent reduction in Real Estate Tax, with a rate of $1.06 per one hundred dollars of assessed value. Meanwhile, Personal Property Tax will see a ten-cent reduction, with a rate of $3.40 per one hundred dollars of assessed value. In addition, the Machinery and Tools Tax will receive a five-cent reduction, set at a rate of $2.80 per one hundred dollars of assessed value.
Under the Personal Property Tax Relief Act, qualifying personal use vehicles valued at $1,000 or less will be exempt from personal property taxation. Those valued from $1,001 to $20,000 will be eligible for 56.10% tax relief. For vehicles valued at $20,001 or more, only the first $20,000 of the value shall receive 56.10% tax relief.
The Board has established the percentage reduction for personal property tax relief at 56.10%, providing a one-time allocation of around $3 million to increase the tax relief percentage. This action is in line with the Board’s commitment to putting money back into the hands of hard-working citizens.
Roanoke County Board of Supervisors Chair Martha Hooker says, “I’m proud that we are able to provide tax relief to our citizens for a second year in a row, and lowered the tax rates for this year. Our citizens deserve this.” This decision is a remarkable step towards enhancing the quality of life of the citizens of Roanoke County.
