By SEMA Washington, D.C., Staff
A bill that originally sought to increase property taxes paid by some owners of antique motor vehicles was amended and approved by the House Roads and Transportation Committee. Under the original bill, each of these cars would have had an assessed value of $5,000 for purposes of the tax regardless of their actual value. Under the amendment introduced by Delegate Gary Howell and passed by the committee at SEMA’s request, vehicles valued at an amount less than $5,000 will be assessed at the lowest value shown in a nationally accepted used-cars guide. Vehicles valued at an amount above $5,000 would only be assessed at the $5,000 tax rate. The bill will now be considered by the Finance Committee.
For more information, visit the SEMA Action Network (SAN) website. For details, contact Steve McDonald at stevem@sema.org.