Tax Tips – Loudoun Personal Property Taxes

Just a quick note to give you a couple of tips regarding local taxes…

In our area, the many services the localities provide are paid for in part by local taxes generated by taxing real and personal property and through the licensing and permit fees required to run businesses, do work on your home or own a dog. On that note, I have a few reminders for you fellow Loudouners with regard to the Personal Property Taxes… and links to more information.

For most of us, the primary thing we are taxed on is vehicles. Generally, from the time you move into the city/county you have 30 days to update your registration with DMV. When you report to them that you’re garaging your vehicle in a particular locality they will report to that locality on your behalf. EVEN IF you are not required to title your vehicle in Virginia, you are STILL required to declare vehicles with the county within 60 days.

OPTIONAL FILINGS: Loudoun recently sent out information regarding optional filings for personal property. Make sure you’re being billed for the right things – especially if you have bought or sold a vehicle in the recent past. ALSO, if you have “High Mileage” on your vehicle you can report that and may qualify for a reduction in taxes. You might even be surprised what is considered “high mileage”~ for a 2017 vehicle, if you have more than 45K miles on your vehicle, you may be eligible for a reduction in personal property taxes! Check the chart here. The deadline for reporting is February 3rd.

EXEMPTIONS: There are exemptions from this tax for certain groups of people including the Elderly and Disabled with qualifying income , and Disabled Vets (and surviving spouses). The deadline for this filing is March 2.

IF YOU LIVE IN A TOWN: If you live in a town in Loudoun, like I do, you will pay Loudoun for both county AND TOWN property taxes. This was new in 2019.

Below are some links with more information….

Personal Property Tax Calculations: https://www.loudoun.gov/1625/Calculating-the-Tax
Virginia Personal Property Tax Relief: https://www.loudoun.gov/1626/Virginia-Personal-Property-Tax-Relief
FAQs: https://www.loudoun.gov/1759/Vehicle-Personal-Property-Tax-FAQs

I hope you find this information helpful… and maybe it will even save you a buck or two?

If I can help you with anything here in or around Loudoun, please reach out!
Vicky Chrisner, Fieldstone Real Estate
703.669.3142 or [email protected]