FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund,Other Fund local property tax

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    The stated purpose of this bill is to establish the value of antique motor vehicles for purposes of personal property taxes.
    
    The bill would result in an annual decrease of roughly $770,000 in local property tax revenues and minimal loss in State revenue.
    
    Additional costs to the State and local government cannot be determined.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2011
Increase/Decrease
(use"-")
2012
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 -770,000


Explanation of above estimates (including long-range effect):


    The bill would result in an annual decrease of roughly $770,000 in local property tax revenues and minimal loss in State revenue.
    
    Additional costs to the State and local government cannot be determined.
    



Memorandum


    



    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov