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, county tax assessors will be required to provide a written justification for any increase in the assessed value of such vehicles. The justification 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.

The bill emphasizes that any increase in assessed valuation cannot be random and must be communicated to the vehicle owner prior to taking effect. This measure is intended to protect owners of antique and classic vehicles from unexpected tax increases and ensure that any adjustments to their vehicle's assessed value are grounded in valid economic reasoning.

Statutes affected:
Introduced Version: 11-5-16