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Deductions & credits
I live in Montgomery County, Virginia. I called the County Treasurer. They told me that personal property taxes on vehicles are assessed by value, and that they use NADA tables. My tax bill from the county lists 4 different "Assessed Values" for my 4 vehicles. They match the NADA tables. The amount due is different as well. The assessed value goes down every year. The weight of my vehicles does not. There is even a high mileage allowance that decreases the assessed value. Clearly property taxes (at least in Montgomery County) are based on vehicle value, and should be deductible in federal tax returns. TurboTax is wrong. TaxSlayer seems to allow this deduction.
‎June 7, 2019
2:58 PM