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1 Patrick Fleenor, Impact of Virginia's Gubernatorial Personal Property Tax Relief Plans Vary Widely by Locality 1 (1997)

handle is hein.taxfoundation/srhdxz0001 and id is 1 raw text is: TAX 
FOUNDATION
October 1997,
No. 73

Impact of Virginia's Gubernatorial Personal
Property Tax Relief Plans Vary Widely by Locality

As part of their respective campaigns for
governor, both Republican James Gilmore and
)emocrat Donald Beyer have promised Virgin-
ian's relief from their personal property taxes.
Often lost in all of the talk of exemptions, tax
credits, and phase-ins, however, is the actual
size of the tax savings under each plan.
For the benefit of Virginia's voters the fax
Foundation has conducted an analysis of each
of the proposals for owners of four popular ve-
hicles. The results of this analysis are illustrat-
ed in Figure 1. The two bars on the left-hand
side of each graph represent tax savings under

the Beyer plan for the typical owner of each of
the vehicles. The first bar represents tax sav-
ings for single individuals with adjusted gross
income of less than $40,000. The second bar
represents the tax savings for married couples
with adjusted gross incomes of less than
$75,000. These are the income thresholds be-
low which taxpayers are eligible for the tax
credit in the Beyer plan.
Gilmore intends on gradually phasing in
his plan during fiscal years 1999- 2003. The
first four bars of the cluster on the right-hand
side of each graph represent tax savings for

Figure 1
Tax Savings Under Alternative Plans, Statewide Averages

1990 Honda Accord DX
$5,950

1996 Ford Taurus G
$12,675

1997 Toyota Camry CE V6
$18,300

1997 Ford Explorer XLT
$25,825

$6001

$400

0
,q- LO
$200 -  2
Ll
$0
Beyer

0:
CO
Gilmore

$400
$200
$0
Beyer

V),
C')

Gilmore

Beyer    Gilmore

Beyer    Gilmore

Source: ' .x Fou~ndation.

By Patrick Fleenor
Economisl
Tax Foundation

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