This bill proposes the addition of a new section, 11-5-16, to the Code of West Virginia, which aims to regulate the assessed value of antique or classic vehicles for personal property tax purposes. It establishes a limit on how much a county tax assessor can increase the assessed valuation of these vehicles from one taxable year to the next. To implement any increase, the county assessor must provide a written justification that correlates the increase to factors such as inflation, the cost-of-living index, or actual market activity in the antique/classic car sector.

Furthermore, the bill stipulates that any proposed increase cannot be arbitrary or based solely on projected revenue needs of the county. The justification must be presented to the vehicle owner prior to the increase taking effect, ensuring transparency and fairness in the assessment process. This legislation aims to protect owners of antique and classic vehicles from unexpected tax increases and to promote a more equitable assessment system.

Statutes affected:
Introduced Version: 11-5-16