How significant it is depends a lot on your locality.
However, wagglebee is partially correct about the "elimination" of the tax. I've said it here dozens, if not hundreds of times.
It was brilliant campaign strategy. It was poor policy.
The tax was NOT, and will not be "eliminated." You are still assessed your car tax just as you always were. The difference now is that the state pays a significant portion of that car tax. The locality still gets the same amount of money.
So, what the car tax bill did/does is eliminate a source of revenue (the taxpayer) and increase state expenditures on behalf of the taxpayer.
Now, having said that, it was not the car tax alone that caused the budget problems during the Gilmore administration. It's just not that simple.
Gilmore has always been something less than a right-wing visionary...LOL!! Fact is, he shouldda demanded that local property taxes be made illegal after a transition period, then gradually take the State outta the business of reimbursing folks fer taxes already paid. The transition wouldda given localities time to bump up other taxes to make up the difference in their coffers, but there is no reason folks should be paying taxes on their vehicles, and Gilmore shouldda taken the high road and made personal property taxes ILLEGAL at the State level.
FReegards...MUD