This bill proposes an amendment to the Code of West Virginia to increase the Homestead Property Tax Exemption from $20,000 to $40,000 for qualifying homeowners. The exemption applies to the assessed value of a homestead used and occupied exclusively for residential purposes by owners who are either 65 years of age or older or certified as permanently and totally disabled. The bill maintains the existing residency requirements, which stipulate that the owner must have been a resident of West Virginia for the two consecutive calendar years preceding the tax year for which the exemption is sought, with certain exceptions for military personnel and those who have previously established residency in the state.

Additionally, the bill clarifies that the increased exemption amount will be applicable to taxes for the following tax year and will not transfer to another homestead until the next July first assessment date. If the property is transferred, the new owner must qualify for the exemption to retain it. The bill also includes provisions to ensure that if the residency requirement is found to violate federal law, the exemption will still be preserved to maintain the fiscal integrity of local government levying bodies.

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