House Bill 6

Title
AN ACT relating to the valuation of motor vehicles for property tax purposes and declaring an emergency.
Summary of Original Version
Amend KRS 132.485 to require the average trade-in value and not the rough trade-in value or clean trade-in value be used as the standard value of a motor vehicle for property tax purposes; grant tax refunds for tax overpayments; require posting of the tax refund information; apply to motor vehicles assessed or after January 1, 2022; RETROACTIVE; EMERGENCY.
Sponsors
P. Flannery
A. Bowling
K. Bratcher
J. Decker
M. Hart
M. Lockett
Documents
Current .pdf (26.22 KB)
Introduced .pdf (25.07 KB)
LRC URI
https://apps.legislature.ky.gov/record/22rs/hb6.html
Session
2022 Regular Session
Index Headings of Original Version
County Clerks
Property tax, motor vehicle valuation standards, refund information, posting requirement
Effective Dates, Emergency
Motor vehicle valuation standards, average trade-in value requirement
Motor Vehicles
Property tax, motor vehicle valuation standards, average trade-in requirement
Property Valuation Administrators
Property tax, motor vehicle valuation standards, refund information, posting requirement
State Agencies
Department of Revenue, motor vehicle property tax, refund information, posting requirement
Taxation
Property tax, motor vehicle valuation standards, average trade-in requirement
Taxation, Property
Motor vehicle valuation standards, average trade-in value requirement
Retroactive Legislation
Motor vehicle property tax valuation standards, January 1, 2022
Local Mandate
Property tax, motor vehicle valuation standards, refund information, posting requirement
Actions
01/10/22
  • introduced in House
  • to Committee on Committees (H)
02/02/22
  • taken from Committee on Committees (H)
  • 1st reading
  • returned to Committee on Committees (H)
02/03/22
  • to Appropriations & Revenue (H)
02/08/22
  • reported favorably, 2nd reading, to Rules with Committee Substitute (1)
  • posted for passage in the Regular Orders of the Day for Wednesday, February 09, 2022
02/09/22
  • 3rd reading, passed 95-0 with Committee Substitute (1)
Amendments
House Committee Substitute 1
Amendment
House Committee Substitute 1 .pdf (357.28 KB)
Summary
Retain original requirement that the average trade-in value and not the rough trade-in value or clean trade-in value be used as the standard value of a motor vehicle for property tax purposes; amend KRS 132.485 to allow the property valuation administrator (PVA) to adjust a motor vehicle's value; create a new section of KRS Chapter 132 to exempt a portion of property taxes assessed for the January 1, 2022, assessment date; mandate refunds for overpayments; provide that the trade-in value requirement and PVA adjustment apply to assessment's on or after January 1, 2023; RETROACTIVE; EMERGENCY.
LRC Index Headings
County Clerks
Property tax exemption, motor vehicles, refunds granted
Effective Dates, Emergency
Motor vehicle valuation standards, average trade-in value requirement, property tax exemption
Motor Vehicles
Property tax, motor vehicle valuation standards, average trade-in requirement
Property Valuation Administrators
Property tax, motor vehicle valuation standards, average trade-in requirement
State Agencies
Department of Revenue, motor vehicle property tax, valuation standards, tax exemption
Taxation
Property tax, motor vehicle valuation standards, tax exemption
Taxation, Property
Motor vehicle valuation standards, tax exemption
Retroactive Legislation
Motor vehicle property tax exemption, January 1, 2022
Fiscal Note
Department of Revenue, motor vehicle property tax, valuation standards, tax exemption