This bill proposes an amendment to the Code of West Virginia, specifically to section 11-6B-3, to increase the Homestead Property Tax Exemption from $20,000 to $40,000. The exemption applies to the assessed value of a homestead used and occupied exclusively for residential purposes by owners who are 65 years or older or certified as permanently and totally disabled. The bill maintains the existing residency requirements and stipulations regarding eligibility, including the prohibition of receiving similar exemptions in other states.

The legal language changes include the deletion of the phrase "Twenty thousand dollar homestead exemption allowed" and the insertion of "Forty thousand" to reflect the new exemption amount. Additionally, the bill specifies that the increased exemption amount will apply to the first $40,000 of assessed value, replacing the previous $20,000 limit. The bill aims to enhance financial relief for eligible homeowners in West Virginia by doubling the amount of the homestead exemption.

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