Minutes 04/25/2006 - Laserfiche WebLink

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April 25. 2006 06 - 185 - Adoption of an ordinance to establish a personal property tax relief percentage of 50% for calendar year 2006 personal property tax bills, such that the total relief provided to qualifying taxpayers will exhaust the funds to be allocated to the locality by the Commonwealth of Virginia. Vision Principle: A Robust and Prospering Economy. Background: . The 2005 revisions to the Personal Property Tax Relief Act of 1998 modified the method of state reimbursement for personal property tax relief from a variable percentage to a fixed sum of money payable to each locality. . The 2005 Amendments to the City Code require that the City annually establish a personal property tax relief percentage, such that the total relief provided to qualifying taxpayers will exhaust the funds to be allocated to the locality by the Commonwealth. Discussion: . A personal property tax relief percentage of 50% has been calculated as sufficient to exhaust the state funds expected to be allocated to the City of Portsmouth for calendar year 2006. . If passed, this ordinance will take effect on the date of its adoption. Staff Recommends: Adoption of an ordinance to establish a personal property tax relief percentage of 50% for calendar year 2006 personal property tax bills, such that the total relief provided to qualifying taxpayers will exhaust the funds to be allocated to the locality by the Commonwealth of Virginia. Vision Principle: A Robust and Prospering Economy. Next Steps Following Council Action: . None Motion by Mr. Whitehurst, and seconded by Ms. Randall, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF PERCENTAGE OF 50% FOR CALENDAR YEAR 2006 PERSONAL PROPERTY TAX BILLS." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 06 - 186 - Adoption of an ordinance to amend Chapters 6 and 22 of the City Code pertaining to penalties for the late payment of certain boat and motor vehicle license fees. Vision Principle: A Robust and Prospering Economy. Background: . Each year in January, the City Treasurer collects the license fees imposed on watercraft and motor vehicles. . If these fees are not paid by June 5th of any year, there is a penalty of ten percent or ten dollars, whichever is greater. . Interest on this fee accrues at a rate of ten percent per year on the first day following the due date and each month thereafter until paid in full.