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HB 0066 - Title Ad Valorem Tax Revisions
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Tracking Level: Watch
Sponsor: Rice, Tom 95th
Last Action: 1/17/2013 - House - House Second Readers
State Code Titles: 48
House Committee: W&M
Assigned To:
Clint MuellerNext Bill
Property TaxNext Bill
Sales Tax-LocalNext Bill

Staff Analysis of the Legislation

HB 66 is a substantial revision of the new state and local title ad valorem tax (TAVT) system. Among other things, the bill changes how fair market value is determined; exempts IRP vehicles from the new system & continues them under apportioned ad valorem tax; changes registration procedures; changes numerous items regarding dealers who directly finance sales; changes numerous items regarding leases; and provides for new criminal penalties.
 
NOTE: HB 66 is similar to, but slightly different from, HB 80. It treats used motor vehicles differently in terms of how fair market value is determined.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text






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