HANOVER COUNTY, Va. (WRIC) — The Hanover County Board of Supervisors has approved a one-time tax relief plan to lessen the impact of rising personal property values.
For this year only, Hanover has decided passenger vehicles, SUVs and trucks weighing less than 10,000 pounds will be assessed at 80% of their taxable value rather than 100%. This decision will provide a 20% reduction in personal property tax bills.
The change was proposed by Scott Harris at the Board of Supervisors meeting on Oct. 12 and was passed unanimously.
“Since 2021, the values of motor vehicles in the County have risen at an unprecedented rate, resulting in a 20% average increase in assessed values. As the value of motor vehicles rises, so does the tax revenue associated with personal property taxes,” Harris said in a release.
Harris said the reduction in assessed personal property values does not automatically mean the average tax bill will be less, but, it does mean there will be a smaller increase than if no change was made. The average estimated reduction for individual vehicles is $228, with some reductions ranging from $137 to $318.
Personal property taxes in Hanover County are due by February 5, 2023.