Legislation (H.B. 20) to put in place a new valuation procedure for older vehicles was approved by the Kentucky State Legislature and now moves to Governor Steve Beshear for his signature and enactment into law. Under the bill, 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 currently assessed as high-value collectibles. This measure instead provides three options for assessing the value of these vehicles: (1) 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; (2) if the vehicle was not registered in Kentucky in its 19th year, it will be valued according to its "average trade-in value" in its 19th year, which would be reduced by 10% for each year after the vehicle's 19th year and; or (3) a valuation administrator would conduct an assessment of the vehicle to determine the correct value, which would be reduced by 10% for each year thereafter.
DON’T DELAY! Please Contact Governor Steve Beshear Immediately To Voice Your Opinion of H.B. 20
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 Governor Steve Beshear
Phone: (502) 564-2611
Fax: (502) 564-2517
Governor Steve Beshear
700 Capitol Avenue, Suite 100
Frankfort, KY 40601