SEMA eNews Vol. 16, No. 4, January 24, 2013

Georgia Threatens to Raise Taxes on Older Vehicles

A bill has been introduced in Georgia to alter the definition of "fair market value” to force owners of antique, hobby and special-interest vehicles to pay an increased annual tax by assessing their value at the retail selling price or the value contained within the assessment manual, whichever is greater. Since current law requires antique, hobby and special-interest vehicles to be valued at only $100 for tax purposes, the retail selling price will inevitably create a substantial tax burden on these owners and have a corresponding deleterious effect on the businesses that serve these vehicles. 

Under Georgia law, an antique, hobby or special-interest motor vehicle is a motor vehicle that is 25 years old or older or a motor vehicle that has been designed and manufactured to resemble an antique or historical vehicle. 

For more information, visit the SEMA Action Network (SAN) website. For details, contact Steve McDonald at stevem@sema.org.

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