The bill aims to amend the Code of West Virginia by increasing the Homestead Property Tax Exemption from $20,000 to $40,000. This 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 need for a sworn affidavit confirming that the owner is not receiving a similar exemption in another state.

Key changes in the bill include the deletion of the previous exemption amount of $20,000 and its replacement with the new exemption amount of $40,000. Additionally, the bill clarifies that the exemption will attach to the homestead on the July first assessment date and will be applicable to taxes for the following tax year. If the property is transferred, the new owner must qualify for the exemption to retain it. Overall, the bill seeks to enhance financial relief for eligible homeowners in West Virginia by doubling the homestead exemption amount.

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