By SEMA Washington, D.C., Staff
The House Transportation Committee amended and approved Kentucky legislation to change the valuation procedure on vehicles registered in the state for purposes of the property tax.
Kentucky legislation to change the valuation procedure on vehicles registered in the state for purposes of the property tax was amended and approved by the House Transportation Committee. Under the amendment, newer vehicles would be valued at the “average trade-in” value.
Previously, the bill required these vehicles to be valued at the higher "clean trade-in" value. The bill continues to 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. The measure instead provides three options for assessing the value of these vehicles. The bill now moves to a vote by the full Kentucky House of Representatives.