This bill proposes amendments to the property classification system for levy purposes in West Virginia, specifically targeting the taxation of titled vehicle personal property. The key change involves reclassifying titled vehicle personal property, excluding mobile homes, from a Class IV assessment valuation to a Class II classification. This adjustment aims to reduce the tax burden on owners of titled vehicles by aligning their property with those used exclusively for residential purposes.

In the current law, the classification for property used exclusively for residential purposes will now explicitly include all titled vehicle personal property, except for mobile homes. The bill also maintains the existing classifications for agricultural and other types of property, ensuring that the reclassification does not affect the overall structure of property taxation in the state. The intent is to provide financial relief to vehicle owners while preserving the integrity of the tax system.

Statutes affected:
Introduced Version: 11-8-5