HB 2531
Increasing the Homestead Property Tax Exemption
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to increase the state’s homestead property tax exemption from $20,000 to $40,000. The exemption applies to the first $40,000 of assessed value of a residential homestead owned by a senior citizen (65 or older) or a permanently and totally disabled individual, provided they have been a West Virginia resident for at least two consecutive years. Specific provisions address residency requirements for returning West Virginia residents and those who have served in the military. The exemption is intended to reduce property tax burdens for eligible homeowners.
Key provisions
- Increases the homestead property tax exemption from $20,000 to $40,000.
- Applies to homeowners aged 65 or older or those certified as permanently and totally disabled.
- Requires a two-year residency in West Virginia to qualify.
- Provides an exception for returning West Virginia residents who establish residency within five years after leaving the state.
- Addresses residency requirements for military personnel and veterans returning to West Virginia.
- Only one exemption is allowed per homestead.
- The exemption attaches to the property on the July 1st assessment date.
Who is affected
- Senior Citizens
- Individuals with Disabilities
- Homeowners
- Property Taxpayers
- West Virginia Residents
Notable changes
- Doubles the current homestead property tax exemption amount.
- Clarifies residency requirements for returning West Virginia residents.
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