The high demand for used cars may make your personal property tax bill just a little bit higher this year.
Personal property taxes for Fairfax County residents are due Friday, Oct. 5. Those include taxes for cars, trucks, motorcycles, boats and business personal property.
Most cars depreciate in value over time, and this is still the case. But supply and demand in the current economic climate is a factor and the value of some used vehicles has actually risen as more people are buying previously owned cars to save money.
“In times of economic instability, used vehicles become more attractive than new, and the negative shift in used supply has coincided with strong demand growth. These trends have helped boost used vehicle prices. As a result, the assessed value of certain vehicle models actually increased as of January 1, 2012,” according to the Fairfax County Department of Taxation website.
However, if you think your vehicle has been overvalued, you may appeal based on high mileage or other factors here.
How to Pay
There is no shortage of ways to pay. In addition to mailing in a check or credit card information with you bill, Bank of America, Wells Fargo bank and SunTrust bank branches in Fairfax County, as well as Shoppers Food and Pharmacy locations, are accepting payments. Click here for details on where and how to pay.
Mailed payments must be postmarked Oct. 5. According to Fairfax County officials, “There is a 10 percent penalty plus interest for late personal property tax payments, and a 25 percent penalty for payments more than 30 days past due. Late payments are subject to multiple collection actions and additional fees.”
Monday, Oct. 8 is the Columbus Day holiday and the Fairfax County government will be closed.
Property Tax Relief
Some residents are eligible for personal property tax relief.
Additional information on qualification requirements and frequently asked questions is here for Fairfax County residents who are over the age of 65 and disabled.