Constitutional amendment; tax exemption for motor vehicles owned for personal, noncommercial use.

Constitutional amendment (first reference); personal property tax; exemption for motor vehicles owned for personal, noncommercial use. Requires the General Assembly to exempt from personal property taxes motor vehicles owned by an individual for personal, noncommercial use, provided that for the first year following the effective date of such law, the exemption shall be equal to 20 percent of the tax rate imposed by a locality on tangible personal property, and shall increase by an additional 20 percent of such rate for each year thereafter until such time that the exemption is equal to 100 percent. For purposes of the exemption, "motor vehicle" includes only automobiles, pickup trucks, and motorcycles. The amendment provides that the exemption is applicable on the date the motor vehicle is acquired or the effective date of the amendment, whichever is later, but is not applicable for any period of time prior to the effective date.