The proposed bill, General Assembly Proposed Bill No. 6522, aims to phase out the motor vehicle property tax over a five-year period. The bill introduces a new structure for the tax, capping the mill rate at twenty-eight in the first year, twenty-four in the second year, eighteen in the third year, and eleven in the fourth year. By the fifth year, the motor vehicle property tax would be completely eliminated.

This legislative change is intended to alleviate the financial burden of the motor vehicle property tax on residents, gradually reducing the tax rate until it is fully phased out. The bill reflects a significant shift in tax policy, as it seeks to remove a longstanding tax obligation for vehicle owners in the state.