HB 2149 -- Personal Property Tax on Vehicles

Sponsor:  Evans

This bill provides for state reimbursement of local personal
property taxes paid by taxpayers on qualifying motor vehicles
that are primarily non-commercial.

The reimbursement percentage of the value of a qualifying
vehicle will be 27.5% for calendar year 2002, 47.5% for 2003,
70% for 2004, and 100% for 2005 and thereafter.  These
percentages may be reduced by a formula contained in the bill if
sufficient state general revenue funds are not available for
appropriation.

The bill defines qualifying motor vehicles, establishes a value
for the qualifying motor vehicles through the county assessor,
and provides procedures for notifying the taxpayer and the
Director of Revenue of the amount of reimbursement per taxpayer
and a method for directly reimbursing each taxpayer.

The bill also creates the Personal Property Tax Relief Fund in
the state treasury and provides a formula for determining the
amount of state funds to be deposited in the fund necessary to
reimburse all qualifying taxpayers each year.