Bill > HB60

This bill amends Kentucky state law to provide an ad valorem (property) tax exemption for motor vehicles, with two key provisions: First, for the 2022 and 2023 assessment dates, the bill exempts the portion of property taxes computed on any increase in a motor vehicle's valuation from January 1, 2021, and mandates that taxpayers who overpaid taxes during this period receive automatic refunds within 90 days. Second, starting from the January 1, 2026 assessment date, motor vehicles assessed under a specific Kentucky statute (KRS 132.485) will be completely exempt from state property taxes, though this exemption does not apply to local ad valorem taxes or the usage tax on motor vehicles. The bill also makes a conforming amendment to KRS 132.020 to reflect this new tax exemption. The purpose of the bill appears to be providing tax relief for motor vehicle owners by reducing their state property tax burden, with a phased approach that first addresses valuation increases and then moves to a more comprehensive state-level exemption.

Budget and Finance

https://apps.legislature.ky.gov/record/25RS/hb60.html