AN ACT relating to an ad valorem tax exemption for motor vehicles.

Summary

The bill exempts the portion of motor‑vehicle property taxes that results from valuation increases between Jan. 1, 2021 and the 2022 and 2023 assessments, and refunds any taxes already paid on that increase. Beginning with the Jan. 1, 2027 assessment, motor vehicles will no longer be subject to the state’s ad valorem tax, though local taxes and the usage tax still apply. It primarily affects vehicle owners and the state and local agencies that collect and process these taxes.

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