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You buy a new car from a dealer for $40,000, and trade in your old car for $5,000
Even though you’re only paying $35,000 for the new car, the gross sales price is still $40,000. We will only ask you for emissions information if your vehicle failed the test or the information has not been received If your vehicle's liability insurance coverage ends or is canceled during the registration period, you must reinsure the vehicle, temporarily deactivate your license plates or surrender the license plates to dmv. Personal property tax relief act of 1998 (pptra) by state law, virginia offers tax relief for vehicle taxes
The state will subsidize the taxes owed on the first $20,000 of a vehicle’s assessed value This state tax relief is only available for personal vehicles Business vehicles are not included in the state tax relief If eligible for this state tax relief, your car tax bill will indicate.
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