URGENT LEGISLATIVE ALERT (UPDATE)
Kentucky Bill to Assess Motor Vehicles for Property Tax Approved by House; Moves to Senate
Kentucky legislation (H.B. 94) to change the valuation procedure on vehicles registered in the state for purposes of the property tax was amended by the House Transportation Committee and approved by the entire Kentucky House of Representatives. The bill will now be considered by the Senate Appropriations and Revenue Committee. Under the amendment, newer vehicles would be valued at the “average trade-in” value. Previously, the bill required these vehicles to be valued at the higher "clean trade-in" value. The "clean trade-in" value is used when a vehicle is in excellent condition and not in need of repairs.
The bill continues to 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.
We Urge You to Contact Members of the Kentucky Senate Appropriations and Revenue Committee (List Attached) Immediately To Voice Your Opinion on H.B. 94
Please e-mail a copy of your letter to Steve McDonald at stevem@sema.org. 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 Senate Appropriations and Revenue Committee
To e-mail all Committee members, copy and paste the email address block below:
Bob.Leeper@lrc.ky.gov; david.givens@lrc.ky.gov; Walter.Blevins@lrc.ky.gov; Tom.Buford@lrc.ky.gov; sara.gregory@lrc.ky.gov; Denise.Angel@lrc.ky.gov; Ernie.Harris@lrc.ky.gov; stan.humphries@lrc.ky.gov; Ray.Jones@lrc.ky.gov; Alice.Kerr@lrc.ky.gov; christian.mcdaniel@lrc.ky.gov; Gerald.Neal@lrc.ky.gov; Robert.Stivers@lrc.ky.gov;