AlleyCat67
Pre-takeoff checklist
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- Oct 5, 2017
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AleyCat67
Any Virginia residents here? I'm looking at a relocation to the Old Dominion and am trying to understand the annual personal property (vehicle) tax as it applies to planes. My understanding is that the annual tax is a percentage (determined at the county level) of the lower of either the purchase price or the current market value. Like many of us, the current market value of my plane is about 4x the original purchase price. Am I going to get in trouble if I base the tax on the lower purchase price? It seems Kosher, but I'd hate to get an unpaid tax bill for several thousand dollars in a few years.