By SEMA Washington, D.C., Staff
 Legislation has been introduced in Kentucky to change the valuation procedure on vehicles registered in the state for purposes of the property tax. |
Legislation has been introduced in Kentucky to change the valuation procedure on vehicles registered in the state for purposes of the property tax. The bill would value “newer vehicles” at the higher "clean trade-in" value instead of the lower "average trade-in" value at which they are currently assessed. The "clean trade-in" value is used when a vehicle is in excellent condition and not in need of repairs.
The bill would also put a new valuation procedure in place for older vehicles. Vehicles 20 years old or older would no longer be presumed to be in "original factory" or "classic" condition. Original factory and classic vehicles are assessed as high-value collectibles.
For more information, visit the SEMA Action Network website. For details, contact Steve McDonald at stevem@sema.org.