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 purpose of this bill is to provide that antique motor vehicles be valued at $1,000.
    
    The bill would result in an annual decrease of roughly $450,000 in local property tax revenues and minimal loss 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


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 -450,000


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


    The bill would result in an annual decrease of roughly $450,000 in local property tax revenues and minimal loss 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