SB 493 - Crawford, Sandy
Relating to motor vehicle assessments
Bill Details
Sponsor
LR Number
1849S.01I
Title
SB 493
House Handler
N/A
Journal Page
N/A
Effective Date
January 1, 2024
Committee
Current Status
Hearing Conducted S Economic Development and Tax Policy Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 493 - Current law requires assessors to use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide to determine the true value of motor vehicles for the purposes of property tax assessments. This act instead requires assessors to use the manufacturer's suggested retail price as depreciated using a twenty year depreciation table provided in the act. When the manufacturer's suggested retail price data is not available from an approved source or the assessor deems it not appropriate for a vehicle, the assessor may obtain a manufacturer's suggested retail price from a source that he or she deems reliable and shall apply the depreciation schedule provided by the act.
This act shall become effective on January 1, 2024.
This act is substantially similar to a provision in SS/SCS/SB 8 (2023), HCS/SS/SB 23 (2023), HCS/SS#3/SCS/SB 131 (2023), SS/SCS/SB 133 (2023), as amended, HCS/SS/SB 143 (2023), HCS/SB 247 (2023), and SCS/HCS#2/HB 713 (2023).
JOSH NORBERG