This bill proposes to amend the Code of West Virginia to increase the Homestead Property Tax Exemption for eligible homeowners from $20,000 to $40,000. Specifically, it modifies sections 11-6B-3 and 11-6B-7, allowing an exemption from ad valorem property taxes for the first $40,000 of assessed value for homesteads occupied by owners who are 65 years or older or certified as permanently and totally disabled. The bill also clarifies the residency requirements for eligibility and stipulates that only one exemption is allowed per homestead.

Additionally, the bill updates the property tax books to reflect the increased exemption amount and specifies that if the exemption exceeds the total assessed value of the homestead, no taxes will be levied. The sheriff is required to issue a statement to the owner indicating that no taxes are due in such cases. Overall, the bill aims to provide greater financial relief to qualifying homeowners in West Virginia by doubling the homestead exemption amount.

Statutes affected:
Introduced Version: 11-6B-3, 11-6B-7