AGENDA DATE: 6/7/2017
TITLE:
Title
Tax Ordinance Amendments
BODY
SUBJECT/PROPOSAL/REQUEST: Schedule a Public Hearing to Consider Proposed Tax Ordinance Amendments
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Walker, Letteri, Kamptner, Herrick, Burrell, Lamb
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
BACKGROUND: Upon review of the County's tax ordinance, the Finance Department is recommending updates and improvements to two sections of Chapter 15 (Taxation) of the Albemarle County Code. These proposed revisions are intended both to improve the County's collection practices and to conform the County Code with a recent change in state law.
STRATEGIC PLAN: Economic Prosperity -- Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals
DISCUSSION: Staff's attached proposals would revise two sections of Chapter 15 (Taxation) of the County Code:
* Sec. 15-1101 - To exempt "All-terrain vehicles, and off-road motorcycles as defined in ? 46.2-100" from personal property taxes.
Purpose of this proposed change: To ensure fair and equitable treatment of all-terrain vehicles and off-road motorcycles for tax purposes. Revenue Administration relies heavily on the Department of Motor vehicles (DMV) for information about taxable property. Currently, the DMV does not require registration of all-terrain vehicles and off-road motorcycles, making taxation of these vehicles inconsistent and unequitable. In addition, these exemptions would create operational efficiencies for Revenue Administration.
Consequence of this change: This proposal would decrease County revenues by $24,766.82.
* Sec. 15-1101.2 - Business Tangible Personal Property minimum reporting threshold - To raise the minimum threshold of the Business Tangible Personal Property reporting from original cost of $250 to $500, as required by a 2017 amendment to Virginia Code ? 58.1-3506(A)(46...
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