CODE OF VIRGINIA

LOCAL RESTRICTIONS AND CONDITIONS; MODEL ORDINANCE (§ 58.1-3506.4)

Notwithstanding the provisions of subdivisions 1, 2, and 3 of § 58.1-3506.2,
the governing body of a county, city or town may by ordinance specify lower
income and financial worth figures.  The governing body also may prescribe by
ordinance for a maximum amount of tax relief hereunder based on the assessed
value of the motor vehicle or a formula which takes into account the income and
financial worth levels of the individual seeking the benefit of the preferential
tax rate. The Department of Taxation shall develop a model ordinance to assist
local governments with the implementation and enforcement of this article.

HISTORY: 1991, c. 646.