This bill proposes an amendment to the property classification system for levy purposes in West Virginia, specifically targeting the classification of titled vehicle personal property. The legislation aims to reclassify all titled vehicle personal property, excluding mobile homes, from a Class IV assessment valuation to a Class II valuation. This change is intended to reduce the taxation values associated with titled vehicles, thereby providing financial relief to vehicle owners.

The bill modifies the existing law by inserting language that includes titled vehicle personal property in Class II, which encompasses property used exclusively for residential purposes. Additionally, it retains the current classifications for agricultural and other types of property while removing the previous classification of titled vehicles under Class IV. This reclassification is expected to simplify the tax structure and lessen the tax burden on vehicle owners in West Virginia.

Statutes affected:
Introduced Version: 11-8-5