Roughly one in 12 vehicles in Augusta County increased in value from 2020 to 2021. You read that right.
It’s a market thing. The Fed cut interest rates to just above 0 percent early last year, driving a feeding frenzy in new and used vehicle purchases.
This, coupled with the diversion of some auto manufacturing plants to producing pandemic-related supplies and ventilators, along with a global shortage of chips, slowed the production of new vehicles.
More demand, less supply – it’s Economics 101.
Augusta County has assessed 85,102 vehicles this year. Of that total 7,653 vehicles increased in value from 2020 to 2021.
Augusta County uses the pricing guide from the National Automobile Dealers Association to assess vehicle values as of Jan. 1.
I’m just the messenger here.
Personal property bills were mailed on Oct. 1, and payment is due on Dec. 5. For more information about personal property taxes and answers to frequently asked questions, visit www.co.augusta.va.us/residents/taxes/personal-property-taxes.
If you have questions about assessments, contact the Commissioner of Revenue’s office at 540-245-5640 or [email protected].
Story by Chris Graham
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