A SEMA-supported bill to provide owners of antique and classic motor vehicles with a cap on property taxes paid on these vehicles was passed by the Senate Transportation and Infrastructure Committee. Having already passed in the West Virginia House of Representatives, the bill will now be considered by the Senate Finance Committee. The bill would value antique and classic motor vehicles for property taxes at $1,000. At the most costly rate in West Virginia (approximately 3%), the actual property tax paid by antique or classic motor vehicle owners at the $1,000 value would only be about $30 per year.
More information is available. For details, contact Steve McDonald at stevem@sema.org.