How Are Vehicles Valued for Tax Purposes?
The WV Tax Department is required to value vehicles by using a nationally recognized organization which establishes values of used vehicles.
The State Tax Department has contracted with the National Automobile Dealers Association (NADA) and uses its July edition. Of the three values appear for each vehicle, "retail", "trade-in", and "loan" value, the state uses the lowest value - "loan" value to assess your vehicle, NADA produces a computer tape which matches all vehicle values with the vehicle identification number (VIN).
Monongalia County Assessor's Office enters the VIN in the State computer network for each vehicle. The computer in Charleston reads the VIN and then assigns the "loan" value to that specific vehicle. There is no consideration given to high or low mileage, body condition, add-on options, etc. You are taxed only on the basic model. Since WV taxes 60% of the market value. The computer takes 60% of the loan value and applies the appropriate levy rate. (See formula)
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The WV Tax Department is required to value vehicles by using a nationally recognized organization which establishes values of used vehicles.
The State Tax Department has contracted with the National Automobile Dealers Association (NADA) and uses its July edition. Of the three values appear for each vehicle, "retail", "trade-in", and "loan" value, the state uses the lowest value - "loan" value to assess your vehicle, NADA produces a computer tape which matches all vehicle values with the vehicle identification number (VIN).
Monongalia County Assessor's Office enters the VIN in the State computer network for each vehicle. The computer in Charleston reads the VIN and then assigns the "loan" value to that specific vehicle. There is no consideration given to high or low mileage, body condition, add-on options, etc. You are taxed only on the basic model. Since WV taxes 60% of the market value. The computer takes 60% of the loan value and applies the appropriate levy rate. (See formula)
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Infrastructure “Road” Levy Formula
Step 1
Loan Value of Personal Property X .60 = Assessed Value
Step 2
Divide assessed value by 100 = value
Step 3
Value X .3500 = annual levy dollars
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Example A. $25,000
$25,000 loan value X.60 = 15000
15000 divide by 100 = 150
150 X .3500 = 52.50 annually
Example B. $15,000
$15000 loan value X .60 = 9000
9,000 divide by 100 = 90
90 X.3500 = $ 31.50 annually
Example C. $5,000
$5,000 loan value X .60 = 3000
3,000 divide by 100 = 30
30 X .3500 = $10.50 annually
Example D. $2,500
$2,500 loan value x .60 = 1500
1,500 divide by 100 = 15
15 x .3500 = $ 5.25 annually
Step 1
Loan Value of Personal Property X .60 = Assessed Value
Step 2
Divide assessed value by 100 = value
Step 3
Value X .3500 = annual levy dollars
__________________________________________________
Example A. $25,000
$25,000 loan value X.60 = 15000
15000 divide by 100 = 150
150 X .3500 = 52.50 annually
Example B. $15,000
$15000 loan value X .60 = 9000
9,000 divide by 100 = 90
90 X.3500 = $ 31.50 annually
Example C. $5,000
$5,000 loan value X .60 = 3000
3,000 divide by 100 = 30
30 X .3500 = $10.50 annually
Example D. $2,500
$2,500 loan value x .60 = 1500
1,500 divide by 100 = 15
15 x .3500 = $ 5.25 annually
4 comments:
If you want to make the users of Mon county pay roads to for them, make ALL of the users pay - remember the students... Surely a user fee as small as $5 or $10 dollars a semester could be tacked onto tuition.
I see you won't post but what you want others to see?
Gas goes up, so does every other thing, ie: clothes, food, and so on, when these all go up so will the tax revenue. Seeing that Mon county has "no Roads" that they take care of ( taken care of by State). I'd like to know where and what happens to all the "New" Tax revenue that you have collected? Mainly from the gas increase here in the last 2 years alone.
Hey Bob! Why hasn't anyone considered taxing or placing a levy on the developers? They are the ones getting rich and creating all the traffic problems. The working man can NOT continue to line the big corp pockets anymore!!
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