Kentucky Drivers Face Higher Tag Prices Due To Rising Value Of Used Vehicles
The state uses the National Automobile Dealers Association book values to set the values of used cars, which is used to calculate the percentage of the car’s value to determine what residents have to pay in taxes on the car, according to the Lexington Herald-Leader. “Overall, the 2022 valuation increases for vehicles compared to vehicles the same time last year is up approximately 40 percent,” Kentucky Department of Revenue director of valuation Cathy Johnson said in a January 6 letter to county property value administrators....