Legislation (H.B. 94/H.B. 143) has been introduced in Kentucky to change the valuation procedure on vehicles registered in the state for purposes of the property tax. The bill would value “newer vehicles” at the higher "clean trade-in" value instead of the lower "average trade-in" value at which they are currently assessed. The "clean trade-in" value is used when a vehicle is in excellent condition and not in need of repairs.
The bill would also put a new valuation procedure in place for older vehicles. Vehicles 20 years old or older would no longer be presumed to be in "original factory" or "classic" condition. Original factory and classic vehicles are assessed as high-value collectibles. The measure instead provides three options for assessing the value of these vehicles: (1) the owner may appear before the property valuation administrator to request a special assessment; (2) if the vehicle was registered in Kentucky in its 19th year, it will be assessed at the value it was assessed at in its 19th year and that value will be reduced by 10% for each year after its 19th year; and (3) if the vehicle was not registered in Kentucky in its 19th year, it will be valued according to its "clean trade-in value" in its 19th year, which would be reduced by 10% for each year after the vehicle's 19th year. The bill preserves the tax assessor's ability to deviate from this valuation formula if information is available to warrant such a deviation from standard value.
Both bills can be viewed in their entirety at:
We Urge You to Contact Members of the Kentucky House Transportation (List Attached) Immediately To Voice Your Opinion on H.B. 94 and H.B. 143
Please e-mail a copy of your letter to Steve McDonald at email@example.com. Also, please forward this Alert to your fellow car enthusiasts. Urge them to join the SAN and help defend the hobby! Thank you for your assistance.
Kentucky House Transportation Committee
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