A bill that would require property valuation administrators to tax vehicle owners the same as they did in 2021 was approved by the House Appropriations and Revenue Committee in Frankfort on Tuesday.
The bill, known as House Bill 6, follows concerns from some constituents regarding a letter that they received from the executive branch stating that their motor vehicle appraiser values would be increasing by 40 percent in 2022 compared to 2021, according to Rep. Sal Santoro, R-Union, the primary sponsor of the bill.
Beginning in 2023, the bill would require the average trade-in value to be used as the standard value of a motor vehicle for property tax purposes instead of the rough trade-in value or clean trade-in value.
The bill would apply to motor vehicles assessed on or after Jan. 1, and contains an emergency clause meaning it would go into effect immediately upon becoming law. The bill would also provide a way for Kentuckians to receive a refund if they’ve overpaid their taxes for this year.
It will now go before the full House for consideration.