Last Action | 03/10/22: signed by Governor (Acts Ch. 13) |
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Title | AN ACT relating to the valuation of motor vehicles for property tax purposes and declaring an emergency. |
Bill Documents |
Acts Chapter 13
Current/Final Introduced |
Fiscal Impact Statements |
Fiscal Note
Local Mandate Additional Fiscal Impact Statements Exist |
Bill Request Number | 1376 |
Sponsors | S. Santoro, P. Flannery, K. Banta, A. Bowling, K. Bratcher, J. Bray, J. Calloway, J. Decker, M. Dossett, R. Dotson, J. DuPlessis, D. Elliott, D. Fister, K. Fleming, D. Frazier Gordon, C. Freeland, C. Fugate, A. Gentry, J. Gooch Jr., D. Hale, M. Hart, A. Hatton, S. Heavrin, R. Huff, T. Huff, M. Imes, K. King, N. Kirk-McCormick, W. Lawrence, D. Lewis, M. Lockett, C. Massey, B. McCool, S. Miles, C. Miller, D. Osborne, R. Palumbo, P. Pratt, M. Prunty, F. Rabourn, B. Reed, S. Riley, B. Rowland, S. Rudy, S. Sharp, S. Sheldon, T. Smith, W. Thomas, J. Tipton, R. Webber |
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. |
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 Fiscal Note - Department of Revenue, motor vehicle property tax, refund information |
Jump to Proposed Amendments |
House Committee Substitute 1 with Fiscal Impact Statements Senate Committee Substitute 1 with Fiscal Impact Statements |
Votes | Vote History |
01/10/22 |
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02/02/22 |
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02/03/22 |
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02/08/22 |
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02/09/22 |
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02/10/22 |
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02/14/22 |
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02/15/22 |
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02/16/22 |
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03/02/22 |
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03/03/22 |
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03/04/22 |
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03/07/22 |
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03/10/22 |
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Amendment | House Committee Substitute 1 |
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Fiscal Impact Statements |
Fiscal Note to House Committee Substitute 1
Local Mandate to House Committee Substitute 1 |
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. |
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 |
Amendment | Senate Committee Substitute 1 |
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Fiscal Impact Statement | Local Mandate to Senate Committee Substitute 1 |
Summary | Retain original requirements; create a new section of KRS Chapter 132 to exempt a portion of property taxes assessed for the January 1, 2022, and January 1, 2023, assessment dates; mandate that the Department of Revenue and county clerks work together to establish procedures for refunds; provide that the trade-in value requirement and PVA adjustment apply to vehicles assessed on or after January 1, 2024; RETROACTIVE; EMERGENCY. |
Index Headings |
County Clerks - Motor vehicle valuation, property tax exemption, refunds Effective Dates, Emergency - Motor vehicle valuation, property tax exemption, refunds Motor Vehicles - Assessed valuation, property tax exemption, refunds Property Valuation Administrators - Motor vehicle valuation, property tax exemption, refunds State Agencies - Department of Revenue, motor vehicle valuation, property tax exemption, refunds Taxation - Property tax, motor vehicle valuation, exemption Taxation, Property - Motor vehicle valuation, exemption Retroactive Legislation - Motor vehicle property tax exemption, January 1, 2022 Local Mandate - Motor vehicle valuation, property tax exemption, refunds |
Last updated: 2/8/2023 2:57 PM (EST)