Date Requested:February 20, 2012
Time Requested:02:25 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2012R1825 Comm. Sub. SB460
CBD Subject: NEW MOTOR VEHICLES MINIMUM APPRAISED VALUE
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 set a minimum appraised value of an automobile be $700 for taxation purposes and to provide that any antique motor vehicle registered as such is assigned an assessed value of $1,000 for purposes of ad valorem property taxes.
    
    Passage of this bill would result in an annual increase of roughly $1.5 million in local property tax revenues and a minimal gain in State revenue.
    
    There would be a one-time cost of $20,000 to the State Tax Department for programming changes and minimal costs to the counties for tracking antique vehicle plates.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
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 1,500,000
3. Explanation of above estimates (including long-range effect):
    Passage of this bill would result in an annual increase of roughly $1.5 million in local property tax revenues and a minimal gain in State revenue.
    
    There would be a one-time cost of $20,000 to the State Tax Department for programming changes and minimal costs to the counties for tracking antique vehicle plates.
    


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