HB 724

Abstract

Personal property taxation rates; restrictionsand conditions. Restricts differences in the rates of taxationof personal property for taxpayers who are elderly or handicappedto owners of motor vehicles (i) whose income does not exceed thegreater of $80,000 or the median income for the respective localityas published by the U.S. Census Bureau and (ii) whose net financialworth does not exceed $450,000. Thebill provides that certain localities may restrict such differencesto owners of motor vehicles (a) whose income does not exceed thegreater of $130,000 or the median income for the respective localityas published by the U.S. Census Bureau and (b) whose net financialworth does not exceed $750,000. Thebill requires the General Assembly to assess, every four years, whethersuch restrictions require adjustment based on the change in the ConsumerPrice Index.