W.Va. legislature raises property tax cap on antique, classic cars

From Auction Central News: W.Va. legislature raises property tax cap on antique, classic cars

CHARLESTON, W.Va. - The March 12 online issue of Street Rodder magazine reports that a state bill (H.B. 4068) that originally provided a fair cap on property taxes paid by owners of antique and classic motor vehicles was amended and approved by the West Virginia State Legislature on March 10, with a new $5,000 assessed value for all of these cars.

"The previous version of the bill contained an assessed value provision of $1,000, which meant that the maximum actual property tax paid by antique or classic motor vehicle owners would only be about $30 per year. Under the version that was approved by the entire legislature on March 10th and sent to the governor for his consideration, the actual maximum tax paid would be $150," Street Rodder says.

While the bill would have minimal impact on those who own very expensive antique or classic cars, it would place a heavier tax burden on the many hobbyists whose cars are worth less than $5,000.