Breakdown of VA Property Tax
I know I'm a bit late to the party here, but VA Personal Property Tax is a YEARLY ordeal and is based on the estimated value of your vehicle. They use a service similar to KBB, although I can't remember what it is. This sounds similar to the CT tax, although it seems like VA's is higher.
Here's the breakdown for anyone in VA:
value of vehicle:
$0 - $3000 :: no tax (it's actually 5% with a 100% 'credit)
$3000 - $20000 :: 3.5% (it's actually 5% tax with a 30% 'credit')
> $20000 :: 5% tax
Thus, if they value a new Treg at $50,000, the yearly tax bill will be $2,095, on top of the initial sales tax paid and any other DMV requirements (emissions, safety inspection, county-based stickers, registration, etc), but it will go down each year, but will never go away unless the car's value falls under $3000.
Example: my 1997 Jeep Wrangler is still valued around $3,800 according to state, so it's yearly property tax is $30.
Edit: forgot to mention, if you don't own the car for the full year in VA, then they do pro-rate the remainder of the year.
