The Martinsville City Council establishes a personal property tax rate each year in June. The actual tax is then computed by multiplying the property's assessed value by this rate. The current rate for general personal property is $2.30 per $100 of the assessed value of the property. The current rate for machinery and tools is $1.85 per $100 of assessed value.
The Commonwealth of Virginia provides the City of Martinsville with $626,428 annually to disburse as Car Tax Relief to individuals with qualifying vehicles. If you have a qualifying vehicle your tax assessment will be reduced by the annually calculated relief percentage. The relief percentage will vary annually depending on how many vehicles qualify for relief, the total amount of the assessments of these vehicles, the total number of vehicles assessed at $1000 or less, and the total assessment amount of vehicles with assessed values between $1,001 and $20,000.
The calculated percentage rate for relief for the tax year 2022 is 47.40% for qualifying vehicles (see requirements below) with assessed values between $1,001 and $20,000.