Reply to VA - Vehicle Personal Property Tax 2023

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[quote=Anonymous][quote=Anonymous]I know it's popular to complain about taxes, but every state needs to figure out some way to pay for the services it provides to the people who live there.  People fixate on a particular tax, but it's important to look at all taxes in the aggregate. In doing that, Virginia is probably middle of the road overall in terms of taxes.

1. State Income Tax - Top tax bracket of 5.75%, which has a relatively low threshold to reach, no marriage penalty, potentially large 529 deduction
2. Real Property Tax - Ranges from 1%-1.2%, with real property being assessed annually based on fair market value.  In addition, different localities may add to this.
3. Personal Property Tax - High given that many states don't have this
4. Gasoline Tax - Low (in fact, may be the lowest in the U.S.)
5. Sales Tax - 2.5% for food, 5.0% for other things
6. Other, Locality Taxes

In addition, people should realize that their individual situation matters greatly.  My parents live in California, which is often assailed as being a high tax state.  Well, if you're a long-time homeowner in California, you likely have some of the lowest real property taxes in the country given that real property assessments have hard caps effectively on how much they can increase.  Sure, there may be high state income taxes, but that's a non-issue if you're retired and, if you can keep your income below $150K, you actually may end up paying less than other states because the state income tax is so progressive.  Life is good on the tax front for people like my parents who are long-time homeowners and who decide to retire.

Likewise, I have family who live in Texas, which is supposed to be a low tax state.  Well, Texas has some of the highest real property taxes in the country, so don't be fooled by the low real property prices.  It's true that income taxes are ZERO, but welcome to some of the highest sales tax rates in the country.[/quote]

I agree in theory, but the state needs to find a way to crack down on the MANY people who evade these taxes. Notably, Maryland drivers who park on my VA street, clearly live in VA, but register their car somewhere in MD to evade taxes. Or the paper tag scammers. These thieves jack the price up for all of us ethical and law abiding people. [/quote]

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