NADA Book Values Rising Due To Increased Used Car Prices: Beshear Returning to 2021 Rates Darren Doyle, story:
The Governor signed an executive order that is meant to stop an increase in vehicle property taxes caused by soaring used car values, which have risen more than 30% in Kentucky since last year. According to a press release from Andy Beshear's Office, the property valuation for the average motor vehicle in Kentucky rose from $8,006 to $11,162 in just one year. The Governor said the abrupt adjustment warrants a change and under the order, a Kentuckian will pay a tax amount similar to last year – if they own the same vehicle in the same condition and are living in the same county – and they will not pay taxes on the inflated value for the next two years. The Governor said those who have already paid their 2022 taxes will receive a partial refund from their local county clerk’s office. Edmonson County Clerk Kevin Alexander said that as he understands the order, the refunds will be automatically issued to those who have already paid this year's vehicle property taxes and there is no additional work to complete for the taxpayer. According to Edmonson County PVA Kyle White, the department of revenue is supposed to have all vehicle assessments rolled back to 2021 values on and after March 1st. “If someone needs to license between now and then we can manually reduce that value at PVA,” he said. “We would go ahead and do that automatically but I can’t get a report telling me what’s due in February. If we can correct these last couple weeks for people, they won’t have to wait the period for their refund.” The executive order directs motor vehicle values to be returned to their 2021 assessment for both the 2022 and 2023 tax years, which is effective immediately.
1 Comment
Colby Carroll
2/19/2022 11:30:53 am
If they really wanted to help they would stop taxing motor vehicles as property and cut sales taxes like they wrre supposed to when the service tax was initiated.
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