PERSONAL PROPERTY TAX RELIEF

Richmond, Va., City Code ch. 26, art. V, div. 6

in effect

Richmond, Va., City Code § 26-495 Purpose; definitions; relation to other ordinances.

Sec. 26-495. - Purpose; definitions; relation to other ordinances. (a) Purpose. The purpose of this division is to provide for the implementation of the changes to the Code of Virginia, Title 58.1, Ch. 35.1 (Code of Virginia, § 58.1-3523 et seq.) made by legislation adopted during the 2004 Special Session I and the 2005 Regular Session of the General Assembly of Virginia. (b) Definitions. Terms utilized in this division that have defined meanings set forth in Code of Virginia, Title 58.1, Ch. 35.1 (Code of Virginia, § 58.1-3523 et seq.) shall have the same meanings as set forth in Code of Virginia, § 58.1-3523. (c) Relation to other ordinances. To the extent that the provisions of this division conflict with any other provision of this Code or any other ordinance, this division shall control. (Code 2004, § 98-211; Code 2015, § 26-495; Code 2020, § 26-495; Ord. No. 2005-302-258, § 1, 11-28-2005)

Richmond, Va., City Code § 26-496 Method of computing and reflecting tax relief.

Sec. 26-496. - Method of computing and reflecting tax relief. (a) For tax years commencing in 2006, the City adopts the provisions of Item 503.E of Chapter 951 of the 2005 Acts of Assembly of Virginia, providing for the computation of tax relief as a specific dollar amount to be offset against the total taxes that would otherwise be due but for Code of Virginia, Title 58.1, Ch. 35.1 (Code of Virginia, § 58.1-3523 et seq.) and the reporting of such specific dollar relief on the tax bill. (b) The City Council shall annually set the rate of tax relief at such a level that is anticipated fully to exhaust personal property tax relief funds provided to the City by the State. Any amount of personal property tax relief funds not utilized with the City's fiscal year shall be carried forward and utilized to increase the funds available for personal property tax relief in the following fiscal year. (c) Personal property tax bills shall set forth on their face the specific dollar amount of relief credited with respect to each qualifying vehicle, together with an explanation of the general manner in which relief is allocated. (Code 2004, § 98-212; Code 2015, § 26-496; Code 2020, § 26-496; Ord. No. 2005-302-258, § 1, 11-28-2005)

Richmond, Va., City Code § 26-497 Allocation of relief among taxpayers.

Sec. 26-497. - Allocation of relief among taxpayers. (a) Allocation of personal property tax relief shall be provided in accordance with the general provisions of this section. (b) Relief shall be allocated in such manner as to eliminate the personal property taxation of each qualifying vehicle with an assessed value of $1,000.00 or less. (c) Relief may be allocated with respect to qualifying vehicles with an assessed value of greater than $1,000.00 but less than or equal to $20,000.00 at a rate that, in combination with the relief granted in Subsections (b) and (d) of this section, is estimated to fully utilize all available State personal property tax relief. (d) Relief with respect to qualifying vehicles with assessed values greater than the value established by the City Council pursuant to Subsection (c) of this section shall be provided at a rate fixed annually by the City Council and applied up to the first $20,000.00 of each qualifying vehicle. The rate shall be established annually at such a rate that, when combined with the relief granted pursuant to Subsections (b) and (c) of this section, are estimated to fully utilize all available State personal property tax relief. (Code 2004, § 98-213; Code 2015, § 26-497; Code 2020, § 26-497; Ord. No. 2005-302-258, § 1, 11-28-2005)

Source: City of Richmond, Virginia, Code (2026 recodification) and Charter (Municode Library, library.municode.com)URL: https://library.municode.com/va/richmond/codes/code_of_ordinances?nodeId=PTIICICO_CH26TA_ARTVLECOPRTA_DIV6PEPRTAREFetched: 11/8/2026