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Introduced Version House Bill 4068 History

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H. B. 4068

 

         (By Delegates Poling, Longstreth, Ellem,

            Morgan, Hamilton, Evans and Frazier)


         [Introduced January 13, 2012; referred to the

         Committee on Roads and Transportation then Finance.]

 

 

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-1C-5c, relating to fair and equitable property valuation; and providing that antique motor vehicles be valued at their salvage value for personal property tax purposes.

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 provision of this code to the contrary, antique motor vehicles shall be valued for purposes of ad valorem property taxes at their salvage value, not to exceed $5OO. An “antique motor vehicle” means any motor vehicle which is more than twenty-five years old.



    NOTE: The purpose of this bill is to provide that antique motor vehicles be valued at their salvage value for personal property tax purposes, not to exceed $500.


    This section is new; therefore, it has been completely underscored.

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