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Every Virginian would be exempt from the local personal property tax on the first $20,000 of the value of their vehicles. w Approximately 90% of Virginians own vehicles under $20,000. •/ The proposal would be phased-in over five years and the cost during the Gilmore Administration would be approximately $1 billion. This tax relief is a dividend which will be paid if the expected growth in Virginia's economy occurs giving the state an additional $5.5 billion in new tax revenue. l/ Existing programs would not be reduced to pay for this tax cut, and if new revenue growth is not sufficient, it would be phased-in over a longer period. l/ , Since the personal property tax is a local tax, the state will reimburse local governments dollar-fordollar for the foregone extra revenue. Maryland and North Carolina have cut taxes in the past two years. The Gilmore plan will keep Virginia competitive with our neighboring states Adding Up the Numbers: $5.5 billion .(new revenue) - $2.7 billion (inflation) = $2.8 billion (remaining revenue) - . Hire 4,000 new teachers Provide college scholarships Cut personal property tax = $1.4 billion (new education spending and tax relief leaving $1.4 billion left over)
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