COMMITTEE SUBSTITUTE
FOR
H. B. 4222
(By Delegates D. Poling, Evans, Ellem, Eldridge,
Skaff, Rowan, Guthrie, Hatfield and Wells)
(Originating in the Committee on Finance)
[February 26, 2010]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-1C-5c, relating
to the method of establishing the value of antique motor
vehicles and antique motorcycles for purposes of ad valorem
property taxes.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §11-1C-5c, to read as
follows:
ARTICLE 1C. FAIR AND EQUITABLE PROPERTY VALUATION.
§11-1C-5c. Antique motor vehicle personal property tax exemption.
Notwithstanding any other provision of this code to the
contrary, the several county assessors shall appraise antique motor
vehicles and antique motorcycles as follows: The State Tax
Commissioner shall annually compile a schedule of motor vehicle
values based upon the lowest values shown in a nationally accepted
guide for antique car and truck values, and the lowest value for antique motorcycles shown in a nationally accepted vehicle value
guide, which said schedule shall be furnished to each assessor and
shall be used by the several county assessors to determine the
assessed value for all motor vehicles in an amount equal to sixty
percent of said lowest values: Provided, That for so long as an
antique motor vehicle or motorcycle is owned by a taxpayer, the
appraised value that was ascertained for the taxpayer's vehicle or
motorcycle by the assessor on July 1, 2009, shall not be
appreciated by more than twenty percent per year until the value
reaches the appraised value otherwise required by this section in
the absence of evidence of improvements to the vehicle or
motorcycle that add substantial value thereto. In no case shall the
"damaged car" value guideline or a similar salvage value guideline
be adopted for the purpose of valuing an undamaged antique vehicle.
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