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Committee Substitute House Bill 4222 History

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COM SUB 2 LINES
COMMITTEE SUBSTITUTE

FOR

H. B. 4222

(By Delegates D. Poling, Evans, Ellem, Eldridge,

Skaff, Rowan, Guthrie, Hatfield and Wells)


(Originating in the Committee on Finance)

[February 26, 2010]



A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-1C-5c, relating to the method of establishing the value of antique motor vehicles and antique motorcycles for purposes of ad valorem property taxes.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-1C-5c, to read as follows:
ARTICLE 1C. FAIR AND EQUITABLE PROPERTY VALUATION.
§11-1C-5c. Antique motor vehicle personal property tax exemption.
Notwithstanding any other provision of this code to the contrary, the several county assessors shall appraise antique motor vehicles and antique motorcycles as follows: The
State Tax Commissioner shall annually compile a schedule of motor vehicle values based upon the lowest values shown in a nationally accepted guide for antique car and truck values, and the lowest value for antique motorcycles shown in a nationally accepted vehicle value guide, which said schedule shall be furnished to each assessor and shall be used by the several county assessors to determine the assessed value for all motor vehicles in an amount equal to sixty percent of said lowest values: Provided, That for so long as an antique motor vehicle or motorcycle is owned by a taxpayer, the appraised value that was ascertained for the taxpayer's vehicle or motorcycle by the assessor on July 1, 2009, shall not be appreciated by more than twenty percent per year until the value reaches the appraised value otherwise required by this section in the absence of evidence of improvements to the vehicle or motorcycle that add substantial value thereto. In no case shall the "damaged car" value guideline or a similar salvage value guideline be adopted for the purpose of valuing an undamaged antique vehicle.
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