Limits increases in assessed value of antique or classic cars in West Virginia.

West Virginia HB4039 proposes to amend the state code by adding a new section that restricts the amount a county tax assessor can increase the assessed value of an individual's antique or classic car for annual personal property taxes. The bill mandates that any increase in the assessed value must be justified and presented to the vehicle owner in writing before it can take effect. The justification must be based on factors such as inflation, the cost-of-living index, or proven market activity in the antique/classic car market, and cannot be arbitrary or based solely on revenue needs.

Limits increases in assessed value of antique or classic cars in West Virginia.

West Virginia HB4039 proposes to amend the state code by adding a new section that restricts the amount a county tax assessor can increase the assessed value of an individual's antique or classic car for annual personal property taxes. The bill mandates that any increase in the assessed value must be justified and presented to the vehicle owner in writing before it can take effect. The justification must be based on factors such as inflation, the cost-of-living index, or proven market activity in the antique/classic car market, and cannot be arbitrary or based solely on revenue needs.