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Waynesboro News

Posted on: October 5, 2021

Increased values of some Motor Vehicles for tax year 2021

Increased values of some Motor Vehicles for tax year 2021

 

Personal Property bills will be mailed out by mid-October with a December 5th due date.

Used vehicle values have increased, since the demand for used cars outweighs the supply in our current economy. Some may see that assessments have risen as a result.

Many economic forces at work have led to the increase of some used vehicle assessments for 2021. 

In early 2020, the Federal Reserve cut interest rates to nearly 0%.  This unprecedented low interest rate, on both new and used vehicles, drove consumers to purchase vehicles sooner than they would have in the past.

In addition, the diversion of certain auto manufacturing plants to producing pandemic-related supplies and ventilators along with a global shortage of chips continue to slow the production of new vehicles.

Because of the difficulties surrounding the purchase of new vehicles, many fleet vehicle companies chose not to replace their fleet inventory as quickly, further reducing the number of used vehicles available in the market.

Supply and demand economics have driven up the price of some used vehicles. The City of Waynesboro uses the pricing guide from the National Automobile Dealers Association to assess vehicle values as of January 1.

For more information about personal property taxes visit https://www.waynesboro.va.us/194/Personal-Property-Tax

If you have questions about your assessments, please contact the Commissioner of the Revenue’s office at 540-942-6610

* An article from BusinessInsider.com explains ‘Why used cars are so expensive now – and when prices may drop.’

 

 

 

 

 

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