Monday, March 1, 2010

Law Of Unintended Consequences Strikes Some Virginia Residents

Thanks to Cash For Clunkers.

When any elected official says they want to do something for the environment, it end up costing the public in general. In this case, it will affect the Personal Property Tax for some residents of Virginia.

If you own a truck or SUV and live in Chesterfield County be prepared. The value of your vehicle could be higher than last year, meaning a bigger property tax bill.
[. . .]
[N]ot all SUV's trucks or crossovers saw a drop in value. Thanks to Cash for Clunkers used gas guzzlers are now a hot commodity.
[. . .]
Chesterfield County bases its values on the NADA used car book. It's been that way for decades. With fewer trucks and SUV's on car lots the value of those used vehicles goes up [Emphasis mine].

To give you an idea of how values have changed for trucks and SUV's, we're going to use a 2003 Ford Truck. In 2008 its value was assessed at $12,000. Last year it was assessed 30% lower, dropping to $8,350. This year the value was driven up to $9,100.

So for whatever reason why you didn't turn in a 'clunker', be it not wanting a new car, taking on new debt in a time of depression or keeping the old truck around because it's still a good truck, chances are it will cost you.

Cross posted
at The Richmond Liberty Alliance.

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