Personal Property In Purchase Contract In Fairfax

Category:

Leases - Contracts

State:

Multi-State

County:

Fairfax

Control #:

US-00123

Format:

Instant download

Description

The Personal Property in Purchase Contract in Fairfax outlines the agreement for leasing personal property between a lessor and a lessee. Key features include the definition of the leased property, the initial lease term that coincides with an asset purchase agreement, and responsibilities for repairs, which fall to the lessee. The form emphasizes that the lessee cannot assign or sublet the property without the lessor's written consent. Additionally, it includes clauses for indemnity, binding agreements on heirs and assigns, attorney's fees related to breaches, and notice requirements. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in real estate or corporate law, as it provides a clear structure for managing leasing agreements. It also serves as a protective measure for both parties by outlining liabilities and operational duties regarding the leased property.

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FAQ

Calculating the Tax Assessed value of the vehicle is $8,000. Apply the $4.15 tax rate: ($4.15 / 100) x $8,000 = $332.00. Calculate personal property relief: 28% (for 2024) x $332.00 = $92.96. Reduce the tax by the relief amount: $332.00 - $92.96 = $239.04. Annual Tax Amount = $239.04.

Qualify for Personal Property Tax Relief Per the Code of Virginia §58.1-3524, personal property tax relief (PPTR) gives tax relief on the taxes due for the first $20,000 in assessed value on qualified personal vehicles. No relief is given on any assessment amounts over $20,000.

What is considered individual personal property? Virginia State Code Section § 58.1-3503 defines personal property as automobiles, trucks, manufactured homes, motorcycles, recreational vehicles, boats, trailers, and aircraft.

The tax rate for most vehicles is $4.57 per $100 of assessed value. For properties included in a special subclass, the tax rate is $0.01 per $100 of assessed value. This special subclass includes the following: privately-owned vans used for van pools.

When a tax due date falls on a weekend, it automatically extends to the next business day. The personal property tax rate is 3.96% of assessed value for calendar year 2024. A mobile home classified as personal property is taxed at real estate tax rate at 0.854% of assessed value for calendar year 2024.

Tax Rates. The current tax rate for most personal property in Fairfax County is $4.57 for each $100 of assessed value.

Classifications Intangible. Tangible. Other distinctions.

§ 58.1-3500. Tangible personal property shall consist of all personal property not otherwise classified by (i) § 58.1-1100 as intangible personal property, (ii) § 58.1-3510 as merchants' capital, or (iii) § 58.1-3510.4 as short-term rental property.