Calculating the Tax
The Dinwiddie County Board of Supervisors establishes personal property tax rates each year during the regular budget process. The current tax rate for most all vehicles is $4.60 per $100 of assessed value. The tax is then prorated, if necessary, based on the number of months that the vehicle is in the county. For qualified personal use vehicles, the tax bill is reduced by the commonwealth’s Personal Property Tax Relief (PPTR) percentage, which is also set by the Dinwiddie County Board of Supervisors annually. The current percentage of personal property tax relief is 34 percent and is provided only on the first $20,000 of a vehicle’s value. See below examples of how to compute yearly taxes.
2022 TAX NOTICE
J.D. Power Valuation Services reported overall industry values in 2021 were nearly 41% higher than 2020. Dinwiddie County experienced an overall increase of 36% for 2022. This impact has been contributed to by the COVID-19 pandemic and the overall decrease in new vehicle sales nationwide, thus resulting in stronger values of used vehicles.
Due to this increase, the Dinwiddie County Board of Supervisors voted to lower the personal property tax rate from $4.75 to $4.60. The Board of Supervisors also concurred with the Commissioner of the Revenue to assess personal property taxes using 90% of the fair market value (as opposed to 100%). The value on your 2022 tax bill reflects the 90% ratio application with the $4.60 tax rate.
Personal property taxes provide the County and public schools with the necessary revenue to carry out the services citizens deserve and have come to expect. The County will continue to monitor the impact that COVID-19 has on personal property and may adjust tax rates on an annual basis.
For an estimate of the tax on your vehicle, contact the Office of the Commissioner of the Revenue.
For more information about vehicle personal property tax rates, please refer to the Personal Property Tax and Decals Frequently Asked Questions.
Example for a Personal Use Vehicle Valued at $20,000 or Less
- Value of the vehicle is $8,000 X 90% = $7200.00
- Apply the $4.60 tax rate: $7200.00 x 4.60 = $331.20
- Calculate personal property relief: $331.20 x 34% = $112.60
- Reduce the tax by the relief amount: $331.20 - $112.60 = $218.60
- Annual Tax Amount = $218.60
Example for a Personal Use Vehicle Valued at More than $20,000
- Value of vehicle is $25,000 x 90% = $22500.00
- Apply the $4.60 tax rate: $22,500 x 4.60 = $1035.00
- Calculate personal property relief on 1st $20,000 of value: $20,000 x 4.60 = $920.00 x 34% (for 2022) = $312.80
- Reduce the tax by the relief amount: $1035.00 - $312.80 = $722.20
- Annual Tax Amount = $722.20