SB 7
Increasing Homestead Property Tax Exemption
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill increases the amount of the West Virginia homestead property tax exemption for eligible homeowners. Currently, the exemption applies to the first $20,000 of assessed value for homeowners age 65 or older or those certified as permanently and totally disabled. This bill raises that amount to $40,000. The bill also includes provisions regarding residency requirements and how the exemption is applied to transferred properties.
Key provisions
- Increases the homestead property tax exemption from $20,000 to $40,000.
- Applies to homeowners age 65 or older or those certified as permanently and totally disabled.
- Requires a sworn affidavit confirming eligibility and lack of similar exemptions elsewhere.
- Provides exceptions for returning West Virginia residents who establish residency after living elsewhere for a limited time.
- Specifies acceptable proof of residency, such as voter registration or motor vehicle registration.
- Addresses the attachment and transfer of the exemption to properties.
- Details how the exemption is recorded on property books.
- Outlines a provision for when the exemption exceeds the assessed value, preventing tax levies.
Who is affected
- Homeowners
- Senior Citizens
- Individuals with Disabilities
- Local Governments (taxing authorities)
- Property Owners
Notable changes
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