Section 2. Motor Vehicles -- Procedures for Assessment and Collection

Motor Vehicles -- Procedures for Assessment and Collection

In addition to the method established by law for assessing and collecting real and personal property taxes, the General Assembly may establish special procedures, in lieu thereof, for the assessment and collection of annual personal property taxes on motor vehicles, owned by individuals, at the time of issuance or renewal of the registration and the license thereof. Personal property taxes collected on motor vehicles under such procedures shall be based on the assessed value of the vehicles determined at the time the tax is paid, computed at the rate of personal property taxes levied during the preceding November, in the manner provided by law, in the taxing units in which the owner of the motor vehicle resides, or in which the motor vehicle is regularly located and assessed, and the taxpayer shall not be required to pay ad valorem taxes upon such motor vehicle based on the assessment for the previous year. In no event may more than one year's personal property taxes be collected on the same vehicle in the same year. Personal property taxes collected on motor vehicles under such procedures shall be remitted to the counties in which due, for distribution, as revenues of the year in which collected, to the respective taxing units in the manner provided by law.