Salem, VA

New Stimulus Proposal Gives Hundreds to Virginia Residents

Cadrene Heslop

Inflation is affecting Americans. Several states are putting forward programs to help residents. One more group of Americans can look forward to relief because of a new law. Virginia already has a program to help citizens. And another is underway. This one focuses on the residents of Salem, Virginia.

Salem lawmakers approved a refund for every taxpayer. It is worth 19.5% of what they paid in personal property taxes on cars this year. This city has a population of about 25,000 people. It brought in $1.9 million more in personal property tax than last year. (source)

There have also been changes in used car prices. Used car prices jumped 42% from 2019 to 2021. The rise in turn drove up the number of tax dollars generated by the city. The city council made a statement on the matter. (source)

"In recognition of this unique and unprecedented average increase in valuation, Salem City Council wanted to assist citizens by providing a one-time partial refunding of personal property taxes paid on vehicles."
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The average car owner paid roughly $1,527 in personal property taxes and qualifies for a refund of about $298. Of course, the refunds will vary depending on the car's assessed value. The refund only applies to vehicles that got assessed and taxed in 2022. To qualify, Salem locals should pay off all monies associated with their car's taxes by August 31. About 23,000 vehicles may qualify for the rebate. (source)

The city expects to begin processing refunds in the second week of September. The distribution of all payments will start by the end of September. The city will withhold refunds of $5 or less unless a taxpayer requests their cash. Residents who did not pay taxes in 2022 are ineligible for a refund. (source)

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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports. *Advice Disclaimer: This article should not be considered as professional financial, tax, or legal advice. The ideas, numbers, and strategies should never be used without first assessing your own personal and financial situation, or without consulting a personal consultant, tax specialist, or financial professional.

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