HB708--TOTALEDMOTORVEHICLESANDPERSONALPROPERTYTAX
SPONSOR: Oehlerking
Thisbillallowsataxingauthoritytoestablishaproration
programforpaymentsofpersonalpropertyontotaledmotor
vehicles. Thetaxingauthoritymayawardaproratedpropertytax
creditduringthetaxyeartoreducethetotalpersonalproperty
taxowedonatotaledmotorvehicleandclaimedagainsttheamount
ofpersonalpropertytaxdueattheendofthesametaxyear.
Theproratedpropertytaxcreditmustbeproratedonamonthly
basis.Theamountofthecreditisdeterminedbyaratio,where
thenumeratormustbethenumberoffullmonthsfromthedateof
dispositionofthetotaledmotorvehiclecontinuingthroughthe
closeofthetaxyear,andthedenominatoris12.Theprorated
propertytaxcreditisnonrefundablebutmayreducethetax
liabilitytozero.
Ataxpayermayapplyforthisprogramif:
(1)Thetotaledvehiclewasowned,registered,andtitledunder
thetaxpayer'snameasofJanuary1ofthetaxyearinwhichthe
vehiclewastotaled;orifownedbyabusiness,thenameofthe
businessorauthorizedagent;
(2)Thetotaledvehiclewasincludedonthelocaltaxingentity's
taxroll,andthetaxpayerwasliableforpersonalpropertytaxes
onthetotaledvehicle;
(3)Thetaxpayerwasuptodateonallstateandlocaltaxesand
feesowedonthetotaledvehicle;and
(4)Thetitleonthetotaledvehiclehasbeentransferredtothe
insurancecompanyandisnolongertitledorregisteredtothe
taxpayernorinthetaxpayer'spossession;
Ifataxpayerwhoparticipatesinthisprogrampurchasesa
replacementvehicleduringthesametaxyearthatthetaxpayer's
vehiclewastotaledandheorshereceivedaproratedpropertytax
credit,thereplacementvehiclewillnotbeincludedinthetax
rollsforthattaxyeartooffsetthepropertytaxliability.
Taxationofthereplacementvehiclemustfollowthenormal
assessmentprocedures.
Ataxingentitymustadoptapersonalpropertytaxproration
programbywayofanordinance. Theordinancemustincludethe
following: (1)Proceduresanddeadlinesforapplicationandparticipationin
theprogram,aswellasrequireddocumentation, asspecifiedinthe
bill;
(2)Proceduresforverificationandrecordkeepingoftheprorated
propertytaxcreditamount,aswellastheamountofpersonal
propertytaxtobemodified;
(3)Creationofaformforusebytaxpayers;
(4)Proceduresforthecreditingoftheamountoftheprorated
propertytaxcredittowardthetaxpayer'spersonalpropertytaxes;
and
(5)Anyotherprovisionthetaxingentitydeemsreasonableand
necessarytoimplementandcarryouttheprogram.
Thetaxingentitymaybyordinanceestablishrulesandprocedures
fortheprogram,andmustmaketheinformationregardingthe
programavailabletothetaxpayers.
Ataxpayerwhoparticipatesintheprogramwillnothavehisorher
righttoprotesttheamountofthetaxpaymentsaffected.