HB 4039
Limit amount a county tax assessor can increase assessed value of antique or classic cars
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill limits how much a county tax assessor can increase the assessed value of antique or classic cars for personal property tax purposes. It requires the assessor’s office to provide a written justification for any increase, based on factors like inflation or market activity, before the increase can take effect. The justification must demonstrate a reasonable basis for the valuation increase and cannot be based on arbitrary revenue projections. This aims to protect vehicle owners from excessive tax assessments on their classic cars.
Key provisions
- Requires county tax assessors to justify increases to the assessed value of antique or classic vehicles.
- Justifications must be based on factors such as inflation or market activity.
- Assessments cannot be based on arbitrary revenue projections.
- The assessor’s office must provide the vehicle owner with a written justification before the increase takes effect.
- Establishes a limit on the amount of increase allowed.
Who is affected
- Vehicle Owners
- County Tax Assessors
- Antique and Classic Car Collectors
- West Virginia Residents
Notable changes
- Introduces a requirement for assessors to provide justification for valuation increases.
- Limits the amount by which assessed values can be increased for antique and classic vehicles.
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