58.1-3506.4 - Local restrictions and conditions; model ordinance. - Virginia Statutes

§ 58.1-3506.4. Local restrictions and conditions; model ordinance.

Notwithstanding the provisions of subdivisions 1, 2, and 3 of § 58.1-3506.2,the governing body of a county, city or town may by ordinance specify lowerincome and financial worth figures. The governing body also may prescribe byordinance for a maximum amount of tax relief hereunder based on the assessedvalue of the motor vehicle or a formula which takes into account the incomeand financial worth levels of the individual seeking the benefit of thepreferential tax rate. The Department of Taxation shall develop a modelordinance to assist local governments with the implementation and enforcementof this article.

(1991, c. 646.)