HB 143/LM (BR 474) - D. Floyd
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 this 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 these 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; apply to motor vehicles assessed on or after January 1, 2015.
Jan 7-introduced in House
Jan 8-to Transportation (H)