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Taxable personal property consists of motor vehicles, trailers, campers, mobile homes, boats, airplanes and business personal property. You are required to file online with the Commissioner of the Revenue within 60 days of acquiring or bringing such property into Loudoun County or one of Loudoun's seven incorporated towns. This applies to all vehicles owned by individuals or businesses, whether titled in Virginia or out of state.
A vehicle has situs for taxation in Loudoun County if it is garaged, stored or parked in the county for more than 60 days or registered to a Loudoun County address with the Virginia Department of Motor Vehicles. This includes vehicles that do not run, and vehicles garaged in another state if Virginia registration is maintained. When a vehicle ceases to be registered in Virginia and/or becomes registered elsewhere, supporting documentation may be sent to our office by fax to 703-777-0263 or by e-mail. Our office will review and adjust your vehicle’s ending tax liability date in Loudoun County based on the information provided. Virginia Code Section 58.1-3511 specifies when a vehicle is subject to assessment for personal property taxes.
Yes. Virginia State Code requires that all Virginia localities value tangible personal property as of a fixed date. This date, often referred to as “tax day," is January 1, regardless of when a vehicle may have been purchased or located in Loudoun County.
Loudoun County uses publications from The National Automobile Dealers Association (NADA) as the primary valuation guides for personal property assessment purposes, as do all 134 cities and counties in Virginia. In arriving at the used vehicle values published in its valuation guides, NADA collects and analyzes over half a million auto-related transactions per month, including both wholesale and retail sales. NADA collects its data from a number of sources, including automobile manufacturers, new and used vehicle dealers and over 165 automobile auctions nationwide. Additionally, NADA considers economic trends, geographic location, weather and environmental factors in the analysis of its automobile valuation data.
Due to various market factors, values for some vehicles may be higher as of January 1 of the current year than they were on January 1 of the previous year. This rise in vehicle value may be due to increased demand or diminished supply for a particular vehicle model or vehicle type, gas price fluctuations or other factors affecting vehicle sales, such as government or manufacturer incentives.
Vehicle values in 2021 are higher due to the effects of the COVID-19 pandemic and includes more vehicle makes and models than would usually be affected in a normal year. Car manufacturing plants were temporarily shut down in 2020 creating a reduction in the availability of new cars. The lack of new cars generated more sales in the used car market and drove up used car values. Also, vehicle owners are holding onto their current vehicles longer due to economic factors brought on by COVID-19, creating a decrease in the number of used cars on the market. Experts believe this will likely continue throughout 2021.
Loudoun's local ordinance 860.05, exempts from local taxation as household goods and personal effects, antique motor vehicles, as defined in Section 46.2-100 of the Code of Virginia as amended, which are not used for general transportation purposes.
Additionally, due to the difficult nature of determining the condition of vehicles 25 years or older, antique vehicles as defined in § 46.2-100 which may be used for general transportation purposes as provided in subsection C of Virginia State Code 46.2-730 are assessed in Loudoun at a flat $100 assessment. At the current $4.20 rate, the bill is below the county's collection threshold. The result is no tax bill on vehicles 25 years of age or older.
Recreational vehicles, motor homes and campers are assessed based on a percentage of the original cost. Assessments begin at 70 percent of cost and decline by 10 percent each year until the assessment reaches 20 percent of the original cost. These vehicles do not qualify for personal property tax relief. These vehicle are prorated based on the number of months the vehicle has taxable situs in the county or one of Loudoun’s incorporated towns.
RV purchased in the current year for $25,000.
$25,000 X .70 = $17,500 assessed value
Camper purchased 3 years ago for $10,000.
$10,000 X .50 = $5,000 assessed value
Motor home purchased 5 years ago for $175,000.
$175,000 X .30 = $52,500 assessed value