Augusta County issued the following announcement on Oct. 4
Many economic forces at work have led to the increase of some used vehicle assessments for 2021.
In early 2020, the Federal Reserve cut interest rates to nearly 0%. This unprecedented low interest rate, on both new and used vehicles, drove consumers to purchase vehicles sooner than they would have in the past.
In addition, the diversion of certain auto manufacturing plants to producing pandemic-related supplies and ventilators along with a global shortage of chips continue to slow the production of new vehicles.
Because of the difficulties surrounding the purchase of new vehicles, many fleet vehicle companies chose not to replace their fleet inventory as quickly, further reducing the number of used vehicles available in the market.
Supply and demand economics has driven up the price of some used vehicles.* 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 January 1.
Personal property bills were mailed on October 1 and payment is due on December 5. For more information about personal property taxes and answers to frequently asked questions, visit https://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 comrev@co.augusta.va.us.
* An article from BusinessInsider.com explains ‘Why used cars are so expensive now – and when prices may drop.’
Original source can be found here.
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