Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It's your personal property. If it's titled in your name, regardless, and you reside in WV, you are subject to pay tax on it and register the asset in the state of WV unless you are economically gaining from the asset in the other state in which case you should be paying taxes on it in that state.
Maryland law (with vehicles) says when you become a resident of another state you have XX days to transfer the title and tags to the state you now reside in. It's fairly reciprocating.
Here is what you do...Do NOT fill out the form at home...if you do, you will be one of the greatest fools in WV....take it to the ASSessors office and have one of the girls help you fill it out...she will be in a hurry and will just hit the high spots...just tell her you are having a time understanding what all they want listed...If you do it yourself, you will pay tax on everything you own...They DO NOT WANT THAT!
Hear me...all of you Newbies...do this right...go down to the Courthouse and let them help you...they are getting paid to help you...they can steal the money and property on their own time...good luck...
and if you are over 65, ask about the tax exemption on real estate...
It's your personal property. If it's titled in your name, regardless, and you reside in WV, you are subject to pay tax on it and register the asset in the state of WV unless you are economically gaining from the asset in the other state in which case you should be paying taxes on it in that state.
Maryland law (with vehicles) says when you become a resident of another state you have XX days to transfer the title and tags to the state you now reside in. It's fairly reciprocating.
See, the thing of it is, three, in most states the registration IS the tax on a vehicle. That's why the fees are so much higher than here. Sounds bogus no matter how you slice it. I guess this is their way of 'capturing' out of state investments? Cars depreciate, so thats just goofy.
I heard martha stewart bought some huge parcel of acreage in WV, and I'm guessing her accountants will encourage her never to become a resident.
T.V.'s and mink coats are excluded from annual personal property tax.
Farm machinery is taxed if you profit from it.
I have a 1946 Farmall A and used to own a 30HP New Holland sub-compact w/loader. I listed it for a number of years but technically I didn't have to- I didn't profit from them. Well, not a lot I should say.
My old neighbor bought my New Holland and uses it in his contracting business. Since he's a sole prop, he should list it as personal property. Conversely he can depreciate the value of the equipment as an offset on his gross income.
I wish I had known about the 30 days "reprieve" from the 5% tax when we first moved... we waited because we didn't have the cash in hand when we first moved and waited beyond 30 days. I've found that communication about the state and county laws in WV is very poor. No one seems to know what's going on most of the time.
New Residents
New Residents must have their vehicles titled and registered within thirty (30) days of establishing residency.
The fees include a $10 title fee, a $5 lien fee if applicable, and a regular registration fee of $30. The 5% privilege tax on a vehicles' value has been eliminated for new residents moving into West Virginia with a vehicle already title in their name in another state. The vehicle has to be in the name of the applicant when they apply for title and will be titled in the same name as the out-of-state title. In order to qualify for the exemption, the new resident must meet the standards listed below:
The applicant was not a resident of this state at the time of purchasing or otherwise acquiring ownership of the vehicle. The out-of-state title in their name with an out-of-state address would be the proof. There is no limit on how long the vehicle was titled in their name in another state.
Presents evidence as the Commissioner of Motor Vehicles may require of having titled the vehicle in the applicant's previous state of residence. The out-of-state title in the applicant's name with an out-of-state address would be the proof.
Has relocated to this state and can present such evidence as the Commissioner of Motor Vehicles may require showing bona fide residency in this state. A new West Virginia driver's license or any other documents we would accept for proof of residency for a West Virginia driver's license.
Presents an affidavit, completed by the assessor of the applicant's county of residence, establishing that the vehicle(s) has been property reported to the assessor. The affidavit (DMV-178-R) needs to be completed and signed by the assessor. NO AFFIDAVIT -- NO EXEMPTION.
Makes application to the division and pays all the fees required by law within thirty (30) days of establishing residency in this state. The new law allows a three month amnesty, June 7, 2007 through September 7, 2007 for residents regardless of how long they may have lived in West Virginia. After September 7, 2007, the thirty day requirement applies.
The exemption also applies to vehicles (i.e. motor boats, trailers, ATV's, etc) that are only registered and no title exists.
This exemption does not apply to leased vehicles, as the tax on them is different that the standard vehicles. To receive tax credit on a vehicle being traded for a new vehicle purchased in West Virginia the trade-in must be first titled in West Virginia.
If you are moving to West Virginia and the vehicle is titled in your name in another state and the title is not being held by a lien holder, you would need to submit your out-of-state title along with a West Virginia title application (DMV-1-TR). You would also need to complete an odometer disclosure, your insurance information can be listed on the title application, but must be insured by a company licensed to sell insurance in West Virginia.
If you are moving to West Virginia and the vehicle title is being held by a lien holder, you must submit the following:
A completed form DMV-1-TR, Application for Certificate of Title
Insurance information, can be listed on title application
A completed odometer disclosure statement (DMV-TM-1)
A copy of the title or a printout if an electronic lien of your out-of-state title or a letter from your lien holder stating they are holding your title, the letter should include the vehicle information along with their correct mailing address. Fees (see Title Fees section)
Hope you newbies find this useful. I saw this as I purused their site looking for the regulations on operating mechanized scooters on public roads...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've found that communication about the state and county laws in WV is very poor. No one seems to know what's going on most of the time.
