HELP! Personal property tax in Virginia - Ferrari Life
 
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post #1 of 20 Old 09-08-2015, 03:09 PM Thread Starter
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HELP! Personal property tax in Virginia

Itís time to pay personal property tax in Virginia and my assessment is too high due to the fact that they look at what my car is selling for on the internet and not what it will actually go for. They are looking at the high end as well so last year I had to give them an average of what the car is selling for. This is still way too high.
Any ideas on how to prove to the city that my car is not worth what it is listed for on the internet?
Help and ideas much appreciated.
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post #2 of 20 Old 09-08-2015, 03:57 PM
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Find an address out side of VA and register it there?
I register my car in VA but live elsewhere, works for me since I don't pay prop tax there.

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post #3 of 20 Old 09-08-2015, 04:18 PM Thread Starter
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Originally Posted by Killer58 View Post
Find an address out side of VA and register it there?
I register my car in VA but live elsewhere, works for me since I don't pay prop tax there.
I have heard of doing that but not sure how if I do not own property outside of VA.
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post #4 of 20 Old 09-08-2015, 04:21 PM
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Not sure you have to own property outside of VA, just (claim) you store the car outside of VA.
I've done that and the reverse - I live and own property in DC but have my car housed in VA. I register it in VA and don't pay prop tax. Same thing worked when I lived in CA but kept the car in VA.

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post #5 of 20 Old 09-08-2015, 04:23 PM Thread Starter
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Not sure you have to own property outside of VA, just (claim) you store the car outside of VA.
I've done that and the reverse - I live and own property in DC but have my car housed in VA. I register it in VA and don't pay prop tax.
I see. I will look into that. Thanks David.
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post #6 of 20 Old 09-08-2015, 05:43 PM
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My wife argued with the state on time about the value of one of her cars and the state didn't care what she said.
MB

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post #7 of 20 Old 09-08-2015, 05:58 PM Thread Starter
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My wife argued with the state on time about the value of one of her cars and the state didn't care what she said.
MB
That is what happened last year and they did reduce it after I proved to them that they could not use the max amount that the car was being sold for on the internet. I had it reduced significantly but even that was above the amount that I could realistically get for the car. What a bunch of thieves!
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post #8 of 20 Old 09-09-2015, 04:46 AM
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I received my personal property tax as well. I was shocked to see that the amount I owe is more than doubled from last year! I looked at the NADA and saw the (3) values for my car. Following their formula:

(Assessed Value /$100) x $4.57 = Current Tax

Still doesn't come up to what I owe?!? I applied this formula to all (3) values in NADA and the value is more than what I owe. I'm afraid to bring this up to them because I don't want Fairfax County to say "Oh! In that case you owe us MORE money!"

I'm definitely registering my car as an Antique for next year! Unfortunately, that's not something Kevin (the OP) can do.

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post #9 of 20 Old 09-09-2015, 07:41 AM
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One of the many reasons I don't live in VA

Others have set up LLCs in Montana and register their exotics there.

***.Consult your accountant, attorney, wife, dog, psychic etc disclaimer ***
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post #10 of 20 Old 09-09-2015, 09:37 AM
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Move to Maryland. Our speeding laws are are not as arcane as VA as well. I'd never live in VA. Sorry.
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post #11 of 20 Old 09-09-2015, 09:40 AM
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post #12 of 20 Old 09-09-2015, 09:44 AM Thread Starter
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Move to Maryland. Our speeding laws are are not as arcane as VA as well. I'd never live in VA. Sorry.
No apologies necessary as I could not argue that.
If moving was that simple I would do it.
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post #13 of 20 Old 09-09-2015, 09:45 AM Thread Starter
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one word. montana corp.
I am seriously considering it. Thanks.
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post #14 of 20 Old 09-09-2015, 10:22 AM
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I am seriously considering it. Thanks.
I did when we bought the Spider and decided against it. Seemed that whatever I saved in taxes, we'd pay in tax prep costs. Just didn't warrant the trouble and, albeit small, expense.

However, our neighbor did that for his 355 (he's also got a few other collectable cars)
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post #15 of 20 Old 09-09-2015, 10:46 AM Thread Starter
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I did when we bought the Spider and decided against it. Seemed that whatever I saved in taxes, we'd pay in tax prep costs. Just didn't warrant the trouble and, albeit small, expense.

However, our neighbor did that for his 355 (he's also got a few other collectable cars)
My neighbor did it with his new Denali. I should pick his brain a little and see if it is worth it.
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post #16 of 20 Old 09-09-2015, 11:43 AM
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Taking a chance VA will never catch up with you and make you pay back taxes, interest and penalty. Personally, I wouldn't chance it.

If you are so inclined to proceed, costs are minimal and only $50 per year for the LLC:

https://www.49dollarmontanaregistere...ion/exotic-car

Good luck and don't get caught avoiding taxes.
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post #17 of 20 Old 09-09-2015, 05:59 PM
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One of the many reasons I don't live in VA

Others have set up LLCs in Montana and register their exotics there.

***.Consult your accountant, attorney, wife, dog, psychic etc disclaimer ***
I can't live in MD because they kill you on real estate taxes. They will get you one way or another man...

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post #18 of 20 Old 09-10-2015, 01:19 AM
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Agree with you there, the wife wouldn't move to MD, even if we found the perfect house. We ended up four blocks from the boarder.

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post #19 of 20 Old 09-10-2015, 03:42 AM
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HELP! Personal property tax in Virginia

MD taxes aren't that high on my double wide trailer 😜
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post #20 of 20 Old 09-10-2015, 06:21 AM
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MD taxes aren't that high on my double wide trailer 😜
I thought you upgraded to the "open plan" triple-wide??

The trick in VA is to own a vintage Ferrari; the ten years I owned mine, I paid $4.40 per year. I guess 1968 pre-dated NADA info, so they gave it a nominal value of $100 .. . Same w/ the blue car.
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