In Virginia, tangible properties on which tax is imposed include the following things:
- Fixtures
- Furniture
- Machineries and equipments
- Trucks and automobiles
Property tax Virginia is based on accumulated assets. The impact on property tax rates in Virginia is different for different age groups. Many elderly people may be having a low income, but they may have accumulated a lot of property in their lifetime while young people who are earning mega bucks but only starting off in life, may not be owning huge amount of property. The amount of property tax paid by these two cross sections will obviously be different and in accordance with their property.
Harry Byrd has restructured the tax system of Virginia in such a way that the state authorities collect the income taxes while the county authorities are authorized to collect the real estate taxes. Personal property and real estates fall under taxable property in Virginia. Personal property includes mobile homes, automobiles, farm equipments, campers, boats, trailers and other such things. Real estates include all forms of lands and improvements that are made on it. The exemptions in this case include managed timber, homestead and farm use.
Types of taxable property in Virginia and their contributions to total property tax revenues are as follows:
- Real Estate - 85.6%
- Personal Property - 9.1%
- Machinery and Tools - 2.8%
- Real Public Utility - 1.5%
- Personal Public Utility - 1.0%
