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Contract for the Lease of Personal Property

Personal Property In Purchase Contract In Fairfax

Category:

Leases - Contracts

State:

Multi-State

County:

Fairfax

Control #:

US-00123

Format:

Instant download

Description

This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".

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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.

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➢ Schedule 1 – Report the total purchase cost of all tangible personal property (except computer and motor vehicles) located in. Fairfax County on Jan.➢ Schedule 1 – Report the total purchase cost of all tangible personal property (except computer and motor vehicles) located in Fairfax County on Jan. If this Contract is contingent on financing: (i) Buyer will make written application for the financing and any lender-required property insurance no later than. What do I need to include when filing the Business Personal Property? Every time they even think about getting rid of it they realize how much money they would lose out on each year. How do I report the move, sale or disposal of vehicles or report mailing address changes for an existing account? This manual is intended to assist persons who are involved in the administration of a decedent's estate in Virginia. We do not provide and do not assist with obtaining title insurance or title to personal property.

Personal Property In Purchase Contract In Fairfax

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