This bill proposes amendments to the classification of property 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 valuation. This reclassification aims to reduce the tax burden on owners of titled vehicles by placing them in a category that is typically associated with lower tax rates.

In the current law, the classification for property includes various categories, with Class II encompassing property used exclusively for residential purposes. The bill inserts language to explicitly include titled vehicle personal property within this classification, thereby providing an exception to the existing tax structure. The proposed changes are intended to alleviate financial pressure on vehicle owners while maintaining the existing classifications for other types of property.

Statutes affected:
Introduced Version: 11-8-5