Kentucky drivers might see tax increase due to rising value in used vehicles
HENDERSON, Ky. (WFIE) - Kentuckians may see an increase in vehicle taxes soon.
J.D. Power, which produces the National Auto Dealers Association Values Guides, determines the value of vehicles for tax purposes. This year, the value of used vehicles has increased due to the economy and supply-chain factors hindering the development of new cars.
With this increase in value, individuals may see an increase in their taxes. Andrew Powell with the Property Valuation Administration says there may be help on the way, even if you already paid the tax.
”There have been at least five bills that have been filed,” Powell said. “Luckily, the General Assembly is in session right now. So if the General Assembly does act - those people - if their liability goes down, they’ll be reimbursed for what they’ve paid too much for.”
Powell says although the tax increase can be as much as 40%, he advises people to pay it and to not drive illegally. He says his office and the County Clerks will keep people updated with any future changes.
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