SB 144
Providing phased-in increase in homestead 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 proposes a gradual increase in the state’s homestead property tax exemption. The exemption would initially be set at $20,000, with a phased-in increase up to $25,000, contingent upon the passage of a constitutional amendment. The bill also includes provisions to address residency requirements for veterans and those returning to West Virginia after living elsewhere, and removes a limitation on levy rates that would result from property tax increases. Finally, it repeals a section related to property tax levies.
Key provisions
- Establishes a phased-in increase in the homestead exemption, starting at $20,000 and potentially increasing to $25,000.
- Requires a constitutional amendment for the exemption increase to take effect.
- Provides specific residency rules for veterans and those returning to West Virginia.
- Removes a limitation on levy rates resulting from property tax increases.
- Repeals a section concerning property tax levies.
- Specifies how the exemption will be reflected on property books.
- Addresses the situation where the exemption exceeds the assessed value of the property.
Who is affected
- Homeowners in West Virginia
- Veterans
- Individuals returning to West Virginia after living elsewhere
- Local government levying bodies (counties, cities, etc.)
- Taxpayers
Notable changes
- The exemption is contingent on a constitutional amendment.
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