This bill proposes the addition of a new section, 11-5-16, to the Code of West Virginia, which aims to limit the assessed value increases on antique or classic vehicles for personal property tax purposes. Under this new provision, any increase in the assessed valuation of such vehicles by a county tax assessor must be justified. The justification for the increase must be based on objective criteria, such as inflation, the cost-of-living index, or actual market activity related to antique and classic cars, rather than arbitrary projections of county revenue needs.

Furthermore, the bill mandates that the justification for any increase must be documented in writing and presented to the vehicle owner prior to the implementation of the increase. This measure is intended to protect owners of antique and classic vehicles from unexpected and unjustified tax increases, ensuring that any adjustments to their vehicle's assessed value are transparent and based on valid economic factors.

Statutes affected:
Introduced Version: 11-5-16