By SEMA Washington, D.C., Staff
 Kentucky legislation to change the valuation procedure on vehicles for purposes of the property tax died when the legislature adjourned for the year. |
Kentucky legislation to change the valuation procedure on vehicles for purposes of the property tax died when the legislature adjourned for the year. The bill would have put a new valuation procedure in place for older vehicles. Vehicles 20 years old or older would no longer have been presumed to be in "original factory" or "classic" condition. The measure instead provided three options for assessing the value of these vehicles. The bill preserved the tax assessor's ability to deviate from this valuation formula if information is available to warrant such a deviation from standard value. Newer vehicles would have been valued at the “average trade-in” value rather than the higher "clean trade-in" value.
For details, contact Steve McDonald at stevem@sema.org.