A bill that originally provided a fair cap on property taxes paid by owners of antique and classic motor vehicles was amended and approved by the West Virginia State Legislature March 10 with a new $5,000 assessed value for all of these cars. The previous version of the bill contained an assessed value provision of $1,000, which meant that the maximum actual property tax paid by antique or classic motor vehicle owners would only be about $30 per year.
Under the version that was approved by the entire Legislature March 10, and sent to the governor for his consideration, the actual maximum tax paid would be $150. This bill now only benefits antique and classic vehicle owners whose cars are worth more than $5,000. It would penalize antique and classic vehicle owners whose cars are worth less than $5,000.
More information is available. For details, contact Steve McDonald at stevem@sema.org.