KENTUCKY

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KENTUCKY

Postby mule » Tue Feb 25, 2014 8:14 pm

Kentucky Bill to Assess Motor Vehicles for Property Tax Approved by House; Moves to Senate

Kentucky legislation (H.B. 94) 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. The bill will now be considered by the Senate Appropriations and Revenue 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 "clean trade-in" value is used when a vehicle is in excellent condition and not in need of repairs.

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. Original factory and classic vehicles are assessed as high-value collectibles. The measure instead provides three options for assessing the value of these vehicles: (1) the owner may appear before the property valuation administrator to request a special assessment; (2) if the vehicle was registered in Kentucky in its 19th year, it will be assessed at the value it was assessed at in its 19th year and that value will be reduced by 10% for each year after its 19th year; and (3) if the vehicle was not registered in Kentucky in its 19th year, it will be valued according to its "clean trade-in value" in its 19th year, which would be reduced by 10% for each year after the vehicle's 19th year. The bill preserves the tax assessor's ability to deviate from this valuation formula if information is available to warrant such a deviation from standard value.

We Urge You to Contact Members of the Kentucky Senate Appropriations and Revenue Committee (List Attached) Immediately To Voice Your Opinion on H.B. 94

Please e-mail a copy of your letter to Steve McDonald at stevem@sema.org. Also, please forward this Alert to your fellow car enthusiasts. Urge them to join the SAN and help defend the hobby! Thank you for your assistance.

Kentucky Senate Appropriations and Revenue Committee

To e-mail all Committee members, copy and paste the email address block below:

Bob.Leeper@lrc.ky.gov; david.givens@lrc.ky.gov; Walter.Blevins@lrc.ky.gov; Tom.Buford@lrc.ky.gov; sara.gregory@lrc.ky.gov; Denise.Angel@lrc.ky.gov; Ernie.Harris@lrc.ky.gov; stan.humphries@lrc.ky.gov; Ray.Jones@lrc.ky.gov; Alice.Kerr@lrc.ky.gov; christian.mcdaniel@lrc.ky.gov; Gerald.Neal@lrc.ky.gov; Robert.Stivers@lrc.ky.gov;

Senator Bob Leeper (Chair)

Phone: (502) 564-8100 Ext. 712

Email: Bob.Leeper@lrc.ky.gov



Senator David P. Givens (Vice Chair)

Phone: (502) 564-8100 Ext. 624

Email: david.givens@lrc.ky.gov



Senator Walter Blevins Jr.

Phone: (502) 564-8100 Ext. 793

Email: Walter.Blevins@lrc.ky.gov



Senator Tom Buford

Phone: (502) 564-8100 Ext. 610

Email: Tom.Buford@lrc.ky.gov



Senator Sara Beth Gregory

Phone: (502) 564-8100 Ext. 673

Email: sara.gregory@lrc.ky.gov



Senator Denise Harper Angel

Phone: (502) 564-8100 Ext. 633

Email: Denise.Angel@lrc.ky.gov



Senator Ernie Harris

Phone: (502) 564-8100 Ext. 605

Email: Ernie.Harris@lrc.ky.gov



Senator Stan Humphries

Phone: (502) 564-8100 Ext. 870

Email: stan.humphries@lrc.ky.gov



Senator Ray S. Jones II

Phone: (502) 564-8100 Ext. 681

Email: Ray.Jones@lrc.ky.gov



Senator Alice Forgy Kerr

Phone: (502) 564-8100 Ext. 625

Email: Alice.Kerr@lrc.ky.gov



Senator Christian McDaniel

Phone: (502) 564-8100 Ext. 615

Email: christian.mcdaniel@lrc.ky.gov



Senator Gerald A. Neal

Phone: (502) 564-8100 Ext. 718

Email: Gerald.Neal@lrc.ky.gov



Senator Robert Stivers II

Phone: (502) 564-3120

Email: Robert.Stivers@lrc.ky.gov



Senator Robin L. Webb

Phone: (502) 564-8100 Ext. 676

Email: Robin.Webb@lrc.ky.gov
mule
 
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