HB 94/LM (BR 148) - H. Collins, D. Floyd, M. Dossett, T. McKee, C. Miller, T. Moore, K. Upchurch
AN ACT relating to the valuation of motor vehicles for property tax purposes.
Amend KRS 132.485 to clarify the standards for appraising the fair cash value of motor vehicles that are 20 years old or older, for property tax purposes, by providing that no vehicle of said age shall be presumed to have been maintained or restored to either the original factory condition or any otherwise classic condition unless information is available that warrants that finding, and also by establishing the standard value of said vehicles as being either the actual valuation of a vehicle in its nineteenth year for vehicles assessed for taxation in the Commonwealth in that year, or the clean trade-in value prescribed by the applicable edition of the valuation manual prescribed by the Department of Revenue for a vehicle in its nineteenth year if the vehicle was not assessed in the Commonwealth in that year, reduced by ten percent annually for each year beyond 19 years, unless information is available that warrants any deviation from that standard value; make technical corrections; declare that the Act shall apply to motor vehicles assessed on or after January 1, 2015.
HB 94 - AMENDMENTS
HCS/LM - Eliminate all references to "clean trade-in" value, replace with "average trade-in".
(Prefiled by the sponsor(s).)
Jan 7-introduced in House; to Transportation (H)
Jan 30-posted in committee
Feb 4-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 5-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, February 6, 2014
Feb 10-3rd reading, passed 84-0-5 with Committee Substitute
Feb 11-received in Senate
Feb 13-to Appropriations & Revenue (S)