SCS/HB 2694 - Current law requires assessors to use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide to determine the true value in money of motor vehicles. This act provides that assessors shall use the current or two previous years October issue of such publication to determine the true value. The assessor may assign any value that the assessor deems to be the true value, provided that such value is not greater than the current October issue of the National Automobile Dealers' Association Official Used Car Guide and not less than the lowest value in the current or previous two years of such publication. In the absence of a listing for a motor vehicle, recreational vehicle, or agricultural equipment, the assessor may use such information or publications which in the assessor's judgement will fairly estimate the true value in money of such motor vehicle, recreational vehicle, or agricultural equipment. The assessor may assign any value that the assessor deems to be the true value, provided that such value is not greater than the current issue of the publication used and not less than the lowest value in the current or previous two years of such publication.
This act contains an emergency clause.
This act is substantially similar to SB 1139 (2022) and to a provision in HCS/SCS/SB 908 (2022).
JOSH NORBERG