A SEMA-supported bill in the West Virginia Legislature to provide owners of antique motor vehicles with a reduced personal property tax assessment has been passed by the Roads and Transportation Committee. The bill is now pending in the House Finance Committee for consideration. West Virginia law defines an "antique motor vehicle" to mean any motor vehicle which is more than 25 years old and is owned solely as a collector's item.
Under the bill, for the purposes of the property tax, the assessed value of an antique vehicle cannot exceed $200. The maximum amount of tax that could be due for an antique vehicle being titled for the first time would be 5% of the assessed value, or a maximum of $10. Thereafter, the maximum amount of personal property tax due annually would be $2 for every $100 assessed in value, or a maximum of $4.
Read more about the SEMA-supported bill. For additional details, contact Steve McDonald at email@example.com.