Reply to Since used cars are appreciating ... will VA property taxes increase?

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[quote=Anonymous]To answer OP's original question about used car values, Fairfax County 2021 vehicle tax bills arrived this week.

Using our 2 vehicles as an example for older vehicles already owned,

For a 10 y.o. vehicle originally purchased new for approx $33K, in 2020 it was assessed at just over $4K, and in 2021 it's now assessed at just under $4K. [b]Assessed value decreased by exactly $200 and tax bill decreased by almost exactly $2.[/b] Due to its actual rough condition, [b]it's probably over assessed by $500-$1K.[/b]

For a 5 y.o. vehicle originally purchased new for approx $38K, in 2020 it was assessed at approx $17K, and in 2021 it's now assessed at approx $15K. [b]Assessed value decreased by approx $1500 and tax bill decreased by almost $20. [/b]Due to its actual excellent condition and current demand, [b]it's probably under assessed by $5K[/b] (trade in value is at least $20K, which is crazy, but we don't plan to sell it).

If increased demand and prices for used vehicles continues, we may see slightly higher assessments or at least an absence of/smaller than expected decreases in 2022.[/quote]

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