HB 4043
To give an additional $20,000 dollar Homestead Exemption on the property tax of any West Virginia citizen farmer that produces more than 50% of his or her income from their farm
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes an additional $20,000 homestead exemption for West Virginia farmers. Specifically, it provides this exemption to any West Virginia citizen farmer who derives more than 50% of their income from their farm. The exemption applies to the assessed value of their property and is intended to provide financial relief to agricultural landowners. This additional exemption is in addition to the existing homestead exemption for senior citizens and disabled individuals.
Key provisions
- Provides a $20,000 additional homestead exemption for West Virginia farmers.
- The exemption applies to farmers who derive more than 50% of their income from their farm.
- The exemption applies to the assessed value of the farmer's property.
- The exemption attaches to the homestead on the July 1st assessment date.
- The exemption is applicable to taxes for the following tax year.
- If the property is transferred, the exemption is removed unless the new owner qualifies.
- The bill includes a provision for judicial review if the residency requirement is deemed unconstitutional.
Who is affected
- West Virginia farmers
- West Virginia property owners
- Agricultural landowners
Notable changes
- Adds a new homestead exemption specifically for farmers with significant farm income.
- This exemption is separate from existing exemptions for seniors and disabled individuals.
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