How is personal property assessed?

The Commissioner of the Revenue is required by law to assess vehicles by means of a recognized pricing guide. The pricing guides utilized by the City of Lynchburg are the National Automobile Dealers Association official used car guide and the official older used car guide. Clean trade in is the value taken from these books. If a vehicle is not listed in the guide, the assessment will be based on a percentage of purchase cost or a percentage of MSRP. The pricing guide utilized for motorcycles is the National Automobile Dealers Association Motorcycle appraisal guide. The value taken is clean trade in. For most other personal property, the assessed value is based on a percentage of original cost.

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1. What types of personal property are taxable?
2. How is personal property assessed?
3. How is the amount of tax determined?
4. What is proration?
5. If I move out of Lynchburg or sell my automobile, will my tax bill be prorated?
6. When is my personal property tax bill due?
7. I have purchased a new vehicle and registered it at DMV, do I need to obtain a City of Lynchburg decal?
8. I have just moved into the City of Lynchburg, must I notify the Commissioner's office?
9. If I sell my automobile, whom must I notify?
10. I am active duty military, am I liable for personal property tax in the City of Lynchburg?
11. I am a full-time college student, am I liable for personal property tax in the City of Lynchburg?