Finance Q&A

Personal Property Tax Car, necessary or not?

Q. OK .. I give up. Waht is the story on WHERE (I assume you still can) put your personal property tax for your cars in turbo tax. It mentions some states can take a portion of their registration fees (Virginia is NOT one of the state listed) but under OTHER personal property it shows boats etc. but no cars. Can I still deduct my county personal property tax on cars and if so WHERE ???

A. The personal property tax on cars goes in the same place as the same tax on boats would go. Remember the part of the personal property tax bill for county or city registration stickers or tags is not deductible as a personal property tax. Several counties have started to crack down on autos that were used for business, generally more than 50%. These are not entitled to the phase out of the tax on the first $20,000 auto assessed valuation. I wonder if they turn back to the state the additional tax they collect on these cars. If your auto has more than 100,000 miles on it, generally your assessed value will be to high. Contact your commissioner of the revenue about a reduction for this factor.

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