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Posted on: November 12, 2022

Personal Property Tax Clarifications

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PERSONAL PROPERTY TAX CLARIFICATIONS

Early in 2022, numerous news outlets reported 2022 was another unusual year for the used vehicle market. For the second year in a row, used vehicle values increased. Once the assessed values for over 22,000 vehicles were received from JD Power, the Commissioner of the Revenue notified the Board of Supervisors that used vehicle values in the County increased 30-40% from 2021. Knowing these higher values would cause an undue hardship for King William citizens, the Board of Supervisors voted unanimously to lower the tax rate by $1.00. The Board, Commissioner, and County Staff do not have input or control over the values calculated by JD Power.

We urge you to compare the tax amount on your 2022 bill to the amount of your 2021 bill. Looking only at the vehicle's valuation is sure to cause sticker shock! JD Power has reported that used vehicle values began to decrease in August of 2022 but will not reach the 2020 values until 2024. Remember, personal property tax revenue is split between the schools and the County. If you find any errors on your bill, please contact the Commissioner’s office.

Our goal is to give citizens many options to keep up with what's happening and being discussed in County Government. You can attend Board of Supervisor’s meetings in-person or online or watch them later on the County YouTube Channel. The County newsletterCounty Administrator's BlogMonthly Message, and County Administrator's Monthly Report (found in Regular Meeting Board packets) are also great resources. Please know that your County Board and Staff truly care about the citizens of King William County and work hard to provide you with the best service possible.

Personal Property taxes are due January 17, 2023. For more information on payments, visit the Tax/Permit Payments page on the County website.

Spreadsheet showing what other localities in Virginia did in response to this situation (PDF)

JD Power Used Market Outlook presentation given at the September 2022 Annual Commissioner of the Revenue Conference (PDF)

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