HB 4455
Relating to taxation
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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 to increase the state’s homestead property tax exemption for older and disabled homeowners. The exemption would gradually increase from $20,000 to $40,000 over several years, contingent on the passage of a constitutional amendment. The bill also removes a cap on property tax books and eliminates a limitation on property tax levy rates, potentially leading to increased property taxes. The exemption is tied to residency requirements and may be available to returning West Virginia residents.
Key provisions
- Increases the homestead exemption for qualifying homeowners (age 65 or disabled) in phases, reaching $40,000 by 2031.
- Requires a constitutional amendment for the full exemption amount.
- Removes a cap on property tax books, allowing for a more complete assessment of property values.
- Repeals limitations on property tax levy rates, potentially leading to higher taxes.
- Specifies residency requirements for receiving the exemption, including a two-year residency requirement or proof of prior residency.
- Allows exemptions for returning West Virginia residents who meet certain criteria.
- Establishes a process for verifying residency and preventing double exemptions.
- Specifies that only one exemption can be applied to a single homestead.
Who is affected
- Senior citizens
- Disabled homeowners
- Property owners in West Virginia
- Local governments (due to potential tax revenue changes)
- Real estate taxpayers
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