West Virginia Introduces Bill to Limit the Assessed Value of Antique or Classic Cars

You may use the following points in your message:
 

• H.B. 2935 limits the amount a county tax assessor can increase the assessed value of an antique or classic car by requiring valid justification in writing.
   
• H.B. 2935 provides added incentive to owners of qualifying vintage vehicles (more than 25-years old) to register as antique or classic.
   
• H.B. 2935 creates a more reasonable standard for antique collectors and expands opportunities for these prized vehicles to be enjoyed.
   
• H.B. 2935 recognizes that the collection and restoration of historic and classic cars is an important part of preserving the technological achievements and cultural heritage of the United States.
   

Overview: West Virginia has introduced SAN-supported legislation (H.B. 2935) to limit the amount a county tax assessor can increase the assessed value of an antique or classic car each year for annual personal property taxes. Current law defines antiques as more than 25 years old and owned solely as collector's items, while classics are more than 25 years old, registered annually as everyday vehicles, and used for general transportation. 

Under this bill, the assessed value may only be increased after written justification has been  presented to the owner of the antique or classic vehicle. The bill states that “this justification may be done with some sort of correlation to inflation, to the cost-of-living index, or to the actual proven increased activity in the antique/classic car market. However, any increase of an assessed valuation of an antique or classic vehicle may not be random, or simply based on projections of revenue that a county may need for that year.” The bill currently awaits consideration in the House Political Subdivisions Committee.