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When Property taxes include Cars, the Increase in the Used Car Market can mean Taxes

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Fredericksburg resident Lou Silvey was surprised when she opened her personal property tax bill last week. For the first time she can remember, the value of her vehicle--a 2004 Cadillac SRX, a sport utility vehicle--increased over last year.

Her tax bill went up nearly 55 percent.

Some Virginia residents, especially SUV owners, find themselves in the unusual position of owning a vehicle that appreciated in value. The situation is rooted in the economic climate of two years ago.

High gas prices and the recession lowered the national demand for vehicles in 2008, causing a precipitous drop in car values. SUVs were particularly hard-hit.

Read More: http://fredericksburg.com/News/FLS/2010/052010/05182010/547657

Car tax is going up on SUVs

Personal property tax increases catch some local residents by surprise


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