Motor vehicle property tax (Photo: Getty Images)
The Motor Vehicle Property Tax Adjustment Credit appears to be unclear. Here are some things you need to know before the formal implementation of this credit this January 2024.
According to a published article from Metro News West Virginia, the reason for this is that taxpayers are already receiving their 2023 personal property tax assessments, which include the amount owed on their vehicles as well as the payment and deadlines for both the first and second halves of the year.
Dave Hardy, the state’s revenue secretary, urges people to pay only the first half and postpone the second half payment until the beginning of the next year.
This is so because the Motor Vehicle Property Tax rebate for new vehicles does not go into effect until 2024.
On a recent Talkline, Hardy said, “You want to pay half definitely.”
You don’t want to pay for the entire year because the second half, which is due on April 1, 2024, will be eligible for the dollar-for-dollar credit.
This means that the sum will be deducted from any outstanding state taxes due in 2024.
The benefit is available to those who file their 2024 tax returns in 2025.
The sum will be taken off if they owe state taxes. The amount of car taxes paid will be included if they are due a refund.
One significant restriction is that in order to be eligible for the benefit, the Motor Vehicle Property Tax must be paid on time.
According to a published article from Metro News, cars, trucks, motorbikes, buses, trailers, vintage cars, agricultural trucks, and all-terrain vehicles are among the vehicles that are eligible for the credit for this Motor Vehicle Property Tax adjustment.
These exclude mobile equipment, taxi taxis, semi-trailers, and travel tailor vehicles from the adjusted credit for Motor Vehicle Property Tax.
Amendment Two, which would have allowed them to exempt personal property taxes on people’s automobiles as well as what businesses pay on their inventory, equipment, and machinery, was placed on the ballot for 2022 by the legislature.
That amendment’s failure was largely attributed to Governor Justice’s campaign against it.
He stated that doing rid of the Motor Vehicle Property Tax would have left municipal services like education, law enforcement, and fire protection without a reliable source of income.
People must therefore continue to pay personal Motor Vehicle Property Tax, while they may be eligible for a credit when filing their income taxes.
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