| Date Requested:February 20, 2012 Time Requested:02:25 PM |
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| FUND(S) General Revenue Fund, local governments | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund,Other Fund local property tax | |||
Legislation creates:
Neither Program nor Fund | |||
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. |
| 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. |