Today is day two of 7 Days, 7 Bills, where I highlight one bill a day which we’ve passed in the House of Representatives.
Today's bill is HB 5172: An Act Concerning the Assessment of Motor Vehicles for Property Taxation. This bill corrects a 2022 law that makes important changes to your car taxes.
The 2022 change, that this legislation affirms, makes it so that your cars are assessed at their Manufacturer's Suggested Retail Price (MSRP) instead of their resale value.
To put it simply, this bill makes it so that you pay less in car taxes for the same car, year after year.
During the pandemic, a spike in used car prices caused car taxes to unexpectedly increase. With the depreciation rate based on MSRP, virtually everyone will see their car tax valuation be lower than what it currently is.
It's changes like this that end up making a big difference in people's lives, and I'm so proud to get to bring you this information.
The bill will now go to the Senate for consideration. This year’s session ends on May 8.
