This action is permitted by Section 58.1-3503(B) of the Code of Virginia. This means that on every vehicle being taxed, the City will apply a discount of 10% to NADA’s January market value. Rather than tax the full market value as allowed by law, on May 3, 2023, the Alexandria City Council adopted the FY 2024 budget which included a 90% Assessment Ratio on car values for Tax Year 2023. Overall, vehicles in the city appreciated 1.94% on average based on the January 1, 2023, NADA pricing guide, but the range is significant, with approximately 44% of vehicles appreciating in value an average of about 14%. While vehicle appreciation resulting from these economic forces dropped considerably over the past year, values on average have not yet completely returned to normal as of January 1, 2023. All jurisdictions in Virginia, including the City of Alexandria, use the National Automobile Dealers Association (NADA) values for used vehicles.Įconomic factors associated with the COVID-19 pandemic wrought unprecedented spikes in car valuations on a state and national basis for Tax Year 2022. As required by the Code of Virginia, vehicles are valued by a recognized pricing guide as of January 1 of each tax year.
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