By SEMA Washington, D.C., Staff
The entire Kentucky House of Representatives approved amended 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 by the House Transportation Committee and approved by the entire Kentucky House of Representatives. 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 will now be considered by the Senate Appropriations and Revenue Committee.