SEMA is supporting legislation in the West Virginia State Legislature to provide owners of antique motor vehicles with a cap on property taxes paid on antique motor vehicles. The bill was approved by the House Roads and Transportation Committee and will now be considered by the House Finance Committee. West Virginia law defines an "antique motor vehicle" to mean any motor vehicle that is more than 25 years old and owned solely as a collector's item.
The bill would assess antique motor vehicles for property taxes at their salvage value. That value could not exceed $500. At the most costly rate in West Virginia (approximately 3%), the actual property tax paid by antique motor vehicle owners at the maximum salvage value would be only about $15 per year.
More information is available. For details, contact Steve McDonald at stevem@sema.org.