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t ufwuiANCE "0..)OP<<;-115 . AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (1988) BY ADOPTING A NEW SECTION 35-7.1 PERTAINING TO PERSONAL PROPERTY TAX RELIEF FOR QUALIFYING MOTOR VEHICLES. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1, That a new Section 35-7.1 of the Code of the City of Portsmouth, Virginia (1988) is hereby adopted to read as follows: Sec. 35-7.1 Tax relief for qualifying motor vehicles (a) Basis of tax relief The tax relief provided under this section relates to the Personal Property Tax Relief Act of 1998, Va, Code ~~ 58.1-3523 et seq. ("PPTRA"), which was modified by the enactment of Chapter 1 of the Acts of Assembly, 2004 Special Session I, and the provisions ofItem 503 of Chapter 951 of the 2005 Acts of Assembly (the 2005 revisions to the 2004-06 Appropriations Act, hereinafter cited as the "2005 Appropriations Act"). Terms used in this section that have defined meanings set forth in PPTRA shall have the same meanings as set forth in the Va, Code ~58.1-3523, as amended. . (b) Method of computing and reflecting tax relief For tax years commencing in 2006, the provisions ofItem 503.E of the 2005 Appropriations Act, 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 PPTRA and the reporting of such specific dollar relief on the tax bill, shall apply, The City Council, shall, by resolution or ordinance, set the percentage of tax relief at a level that is anticipated to exhaust PPTRA relief funds provided to the City by the Commonwealth. Personal property tax bills shall set forth on their face the specific dollar amount of relief credited with respect to each qualifying vehicle. (c) Allocation of relief among taxpayers. Relief with respect to qualifying vehicles shall be provided at a percentage, annually fixed and applied to the first $20,000 in value of each such qualifying vehicle, that is estimated to exhaust all available PPTRA relief from the Commonwealth. The percentage shall be established annually as a part of the City's adopted budget. (d) Transitional provisions, Pursuant to authority conferred in item 503,D of the 2005 Appropriations Act, the City Treasurer shall collect personal property taxes, in the amount of 100 percent of tax due without regard to any formal entitlement to state PPTRA relief, plus applicable penalties and interest, to any taxpayer whose taxes with respect to a qualifying vehicle for tax year 2005 or any prior tax year remain unpaid on September 1, 2006, or such date as Commonwealth funds for reimbursement of the Commonwealth's share of such bill have become unavailable, whichever occurs first, .