Taxes & Fees
The operation of the HRTA is funded through the taxes and fees it is authorized to impose and collect as legislated by the Virginia General Assembly in HB 3202. For more information about HB 3202, go to : http://www.hb3202.virginia.gov/ . The HRTA projects can be funded through a variety of means (HRTA taxes and fees; tolls; federal, state, and local transportation funds; etc.)
The HRTA approved the imposition of the following fees and taxes as outlined in HB 3202:
- A $10 Vehicle Registration Fee
- A 1% Initial Vehicle Registration Fee
- A $10 Vehicle Safety Inspection Fee
- A 5% Sales and Use Tax on Automotive Repairs
- A $0.40/$100 of Value Grantor’s Tax on Real Estate Sales
- A 2% Motor Vehicle Fuels Tax
- A 2% Local Rental Car Tax
At its October 17, 2007 meeting, the HRTA agreed to request the General Assembly considered revising the fees and taxes in HB 3202 during its 2008 legislative session. The recommendations are based upon feedback received from Hampton Roads citizens during the public hearings held in August 2007. The recommendation includes eliminating 4 of the revenue sources and modifying 3 as shown below.
HRTA LEGISLATIVE COMMITTEE |
||
Revenue Scenario |
HRPDC Estimate |
|
| $10 Automobile Inspection Fee | $ | - |
| 5% Tax on Automobile Repairs | $ | - |
| Grantor's Tax of 40¢ per $100 of Assessed Value | $ | - |
| Motor Vehicle Rental Tax of 5% | $ | 8,800,000 |
| One-Time Vehicle Registration Fee of 2% | $ | 82,400,000 |
| Annual Vehicle Registration Fee of $10 | $ | - |
| 5% Retail Tax on Motor Fuel Sales | $ | 75,600,000 |
| Total Revenue | $ | 166,800,000 |
For the schedule of HRTA Fees and Taxes, click here.
For revenue growth projections, click here.
