URGENT LEGISLATIVE ALERT (UPDATE)
Pro-Hobbyist Kentucky Bill to Assess Older Motor Vehicles for Property Tax Signed Into Law
Legislation (H.B. 20) to put in place a new and more beneficial valuation procedure for older vehicles was signed into law by Governor Steve Beshear. Under the new law, 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.
Thank you to all who participated in supporting this bill.