FISCAL NOTE
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 $550,000 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 |
-550,000 |
Explanation of above estimates (including long-range effect):
The bill would result in an annual decrease of roughly $550,000 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