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Gilmore campaigned heavily on the twin promises of hiring 4,000 new teachers in public schools and phasing out Virginia's personal property tax on automobiles. [13] Gilmore was elected, winning 56% of the vote to Beyer's 43%. [14]
The Commissioner of the Revenue is one of five locally elected constitutional officers whose authority is specifically conveyed in the Virginia Constitution. [1] The other four are the treasurer, sheriff, Commonwealth's attorney, and clerk. In general, the local governing body (i.e. City Council, Board of Supervisors) establishes tax policy and ...
t. e. Median household income and taxes. Most local governments in the United States impose a property tax, also known as a millage rate, as a principal source of revenue. [1] This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio ...
Highland County levies a 1% sales tax, a 1.5% personal property tax, a 1% machinery and tools tax, and a .37% real estate tax. [64] [94] 46% of the county's total revenue in 2010 was derived from local taxes, of which 76% was accounted for in property tax levies. The remaining 54% of the county's revenue was from state and federal sources.
Congress enacted an income tax in October 1913 as part of the Revenue Act of 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000, equivalent of $16,717,815 in 2018 dollars [24]).
In 2011, the county lost $599,690 in revenue provided by the federal government and, rather than adjust the annual budget or restore the merchants capital tax, the board approved a 16% personal property tax increase to raise an additional $666,141 of revenue for the county.