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over $20,000. (For example, a $25,000 car will be taxed on $5,000 of its value. The first $20,000 will be exempt.)
The county or city will send a bill to the state for the total amount it would have collected, but didn’t. The state will reimburse dollar-for-dollar.
Local, services and budgets will not be affected. They will get every dime they receive now, except it will come from the state, not from the personal property tax payers.
Gilmore’s tax cut is fairer than Beyer’s tax cut.
Ninety percent of Virginians own vehicles valued under $20,000. All of these people will receive a 100 percent tax cut. The other 10 percent who own cars valued over $20,000 will also get a substantial tax cut.
In contrast, very few people will receive a tax cut under the Beyer proposal.
Beyer is offering a state income tax credit, not a personal property tax cut.
Virtually no senior citizens will receive a cut. Individuals and couples making $75,000 or more will not receive a tax cut. Individuals and couples earning $41,000 or less will not receive a tax cut.
Plus, he is offering a maximum tax cut of $250 for a couple with two cars.
Under the Gilmore plan, the first $20,000 of the value of each of your vehicles will not be taxed. Jim Gilmore’s plan is a better plan.
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