§ 26-496. Method of computing and reflecting tax relief.

(a)

For tax years commencing in 2006, the City adopts the provisions of Item 503.E of Chapter 951 of the 2005 Acts of Assembly of Virginia, providing for the computation of tax relief as a specific dollar amount to be offset against the total taxes that would otherwise be due but for Code of Virginia, title 58.1, ch. 35.1 (Code of Virginia, § 58.1-3523 et seq.) and the reporting of such specific dollar relief on the tax bill.

(b)

The City Council shall annually set the rate of tax relief at such a level that is anticipated fully to exhaust personal property tax relief funds provided to the City by the State. Any amount of personal property tax relief funds not utilized with the City's fiscal year shall be carried forward and utilized to increase the funds available for personal property tax relief in the following fiscal year.

(c)

Personal property tax bills shall set forth on their face the specific dollar amount of relief credited with respect to each qualifying vehicle, together with an explanation of the general manner in which relief is allocated.

(Code 2004, § 98-212; Ord. No. 2005-302-258, § 1, 11-28-2005)

(Code 2004, § 98-212; Ord. No. 2005-302-258, § 1, 11-28-2005)