COMMITTEE SUBSTITUTE

FOR

H. B. 4068

(By Delegates D. Poling, Longstreth, Ellem,

            Morgan, Hamilton, Evans and Frazier)

(Originating in the Committee on Finance)

[February 22, 2012]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-1C-5c, relating to the valuation of antique motor vehicles and classic motor vehicles for purposes of ad valorem property taxes.

Be it enacted by the Legislature of West Virginia:

    That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-1C-5c, to read as follows:

ARTICLE 1C. FAIR AND EQUITABLE PROPERTY VALUATION.

§11-1C-5c. Antique and classic motor vehicle valuation for personal property tax purposes.

    Notwithstanding any other provision of this code to the contrary, each antique motor vehicle and classic motor vehicle shall be be valued for purposes of ad valorem property taxes at $1,000. For purposes of this section, the terms “antique motor vehicle” and “classic motor vehicle” shall have the meaning ascribed to them under the provisions of section three-a, article ten, chapter seventeen-a of this code.