Terms Used In Virginia Code > Title 58.1 > Subtitle III > Chapter 35.1 - Personal Property Tax Relief

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Commissioner of the revenue: means the same as that set forth in § 58. See Virginia Code 58.1-3523
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the Department of Motor Vehicles. See Virginia Code 58.1-3523
• Effective tax rate: means the tax rate imposed by a locality on tangible personal property multiplied by any assessment ratio in effect. See Virginia Code 58.1-3523
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Leased: means leased by a natural person as lessee and used for nonbusiness purposes. See Virginia Code 58.1-3523
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Personal property: All property that is not real property.
• Privately owned: means owned by a natural person and used for nonbusiness purposes. See Virginia Code 58.1-3523
• Qualifying vehicle: means any passenger car, motorcycle, autocycle, and pickup or panel truck, as those terms are defined in § 46. See Virginia Code 58.1-3523
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• Tangible personal property tax: means the tax levied pursuant to Article 1 (§ 58. See Virginia Code 58.1-3523
• Tax year: means the 12-month period beginning in the calendar year for which tangible personal property taxes are imposed. See Virginia Code 58.1-3523
• Taxpayer: includes every person, corporation, partnership, organization, trust or estate subject to taxation under the laws of this Commonwealth, or under the ordinances, resolutions or orders of any county, city, town or other political subdivision of this Commonwealth. See Virginia Code 58.1-1
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• Treasurer: means the same as that set forth in § 58. See Virginia Code 58.1-3523
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
• Used for nonbusiness purposes: means the preponderance of use is for other than business purposes. See Virginia Code 58.1-3523
• Value: means the fair market value determined by the method prescribed in § 58. See Virginia Code 58.1-3523