Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=HB3058%20SUB%20ENG.htm&yr=2013&sesstype=RS&i=3058
Timestamp: 2018-03-22 22:38:46
Document Index: 548265937

Matched Legal Cases: ['§11', '§11', '§11', '§11', '§11', '§11', '§11']

HB 3058 Text
Engrossed Version House Bill 3058 History
H. B. 3058
(By Delegates White, Ireland, Craig, Phillips, R.,
Anderson, Miley, and Morgan)
A BILL to amend and reenact §11-1C-5 of the Code of West Virginia, 1931, as amended; and to amend said code by adding thereto two new sections, designated §11-1C-5c and §11-1C-5d, all relating to the valuation of motor vehicles for purposes of ad valorem property taxes; requiring antique motor vehicles not used as a primary vehicle to be assigned an appraised value of up to $5,000; and providing that a reconciliation excise tax is imposed on the sale of an antique motor vehicle to recapture revenue from the sale.
That §11-1C-5 the Code of West Virginia, 1931, as amended, be amended and reenacted; and that said code be amended by adding thereto two new sections, designated §11-1C-5c and §11-1C-5d, all to read as follows:
(A) As to personal property, the Tax Commissioner shall provide a method to appraise each major specie of personal property in the state so that all such items of personal property are valued in the same manner no matter where situated in the state, shall transmit these methods to each county assessor who shall use these methods to value the various species of personal property. The Tax Commissioner shall periodically conduct such studies as are necessary to determine that such those methods are being followed. Such The method shall be in accordance with the provisions of article five of this chapter: Provided, That notwithstanding any other provision of this code to the contrary, the several all county assessors shall appraise motor vehicles as follows: The State Tax Commissioner shall annually compile a schedule of automobile values based upon the lowest values shown in a nationally accepted used car guide, which said schedule shall be furnished to each assessor and shall be used by the several all county assessors to determine the assessed value for all motor vehicles in an amount equal to sixty percent of said the lowest values.
(b) The Tax Commissioner may adopt any regulation rule adopted prior to January 1, 1990, pursuant to article one-a of this chapter, which adoption shall not constitute is not an implementation of the statewide mass reappraisal of property. Such The adoption, including context modifications made necessary by the enactment of this article, shall occur on or before July 1, 1991, through inclusion in the plan required by section ten of this article or inclusion in the minute record of the valuation commission. Upon the adoption of any such regulations rule, any modification or repeal of such regulation the rule shall be in accordance with the provisions of article three, chapter twenty-nine-a of this code.
Notwithstanding any other provision of this code to the contrary, any vehicle that is registered as an antique motor vehicle as defined in section three-a, article ten, chapter seventeen-a of this code and that is not used for general transportation shall be assigned an appraised value of up to $5,000 for purposes of ad valorem property taxes.
§11-1C-5d. Reconciliation excise tax.
(a) Upon the sale of any antique motor vehicle which is valued in accordance with section five-c of this article in the property tax year preceding the property tax year when the antique motor vehicle was sold, the transferor shall pay to the local levying bodies to which the tax was paid or should have been paid in the preceding property tax year, an excise tax in the year when the antique motor vehicle is sold in an amount equal to:
(1) Sixty percent of the gross proceeds multiplied by:
(A) The combined regular property tax levy rate for the property tax year when the antique motor vehicle was sold;
(B) Combined with all applicable special property tax levy rates for the property tax year when the antique motor vehicle was sold, minus:
(2) The amount of the property tax paid on the motor vehicle for the property tax year in which the antique motor vehicle was sold.
(b) For purposes of this section, "gross proceeds" means the amount received in money, credits, property or other consideration from any transfer of the possession or ownership of the antique motor vehicle for a consideration, without deduction on account of the cost of property sold, amounts paid for interest or discounts or other expenses whatsoever.
(c) That payments made to any county commission, county school board or municipality pursuant to this section shall be distributed as if the payments resulted from ad valorem property taxation.
(d) Failure to pay tax.
A transferor who fails to pay the tax authorized by this section, is personally liable for the amount of tax not paid.
(e) General procedure and administration.
(1) The county commission may promulgate, by ordinance, order, rule or regulation, administrative procedures for the assessment, collection and refund of the tax authorized by this article. The sheriff of the county is the county's agent for administration and collection of the tax and may distrain property and initiate civil suits for collection of this tax. The county commission may promulgate regulations and return forms necessary or desirable for the administration and collection of the tax.
(2) The county assessor shall issue tax returns and receive tax returns for this tax.