|SB 0147||Phases out assessed valuation of motor vehicles used primarily for nonbusiness purposes|
|LR Number:||S0449.02I||Fiscal Note:||0449-02|
|Committee:||Ways and Means|
|Last Action:||02/09/99 - Hearing Conducted S Ways & Means Committee||Journal page:|
SB 147 - This act would phase-out, upon passage of a constitutional amendment authorizing the exemption from taxation of motor vehicles used primarily for nonbusiness purposes, the assessed valuation percentages of such personal property as follows: for the first year after passage of the amendment, the assessed valuation goes down from the present 33 1/3% to 25%; in the second year, it goes to 17%; in the third year, it falls to 8%; and in subsequent years such property shall not be assessed.
Revenues lost as a result of valuation reductions which are
not replaced either through the school foundation formula or by
tax rate adjustments are calculated by the county assessors and
reported to the State Tax Commission. The Commission will then
report that information to the Office of Administration, which
will calculate the revenue effects of the foundation formula and
rate adjustments and report that information to the Governor and
to the General Assembly.