SPONSOR: Reedy
Currently, the assessor of each county uses the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide (NADA) for determining the true value in money of motor vehicles.
Beginning January 1, 2026, this bill allows assessors to use a nationally recognized automotive trade publication such as the NADA, Kelley Blue Book, Edmunds, or other similar publication. The State Tax Commission will select the publication to be used, and the assessors will use the trade-in value published in the current October issue of the selected publication. The assessor can not assess a motor vehicle for an amount greater than the motor vehicle was assessed the previous year.
This bill is similar to HCS HB 1690 (2024).
Statutes affected: