This bill amends the Code of West Virginia to establish that the assessed value of certain categories of personal property will be set at $0. Specifically, it targets tangible machinery and equipment used in business activities, tangible inventory directly used in business activities, and personal motor vehicles. The change is intended to take effect on July 1, 2025.

Additionally, the bill clarifies that chattel interests in real or tangible personal property do not include the aforementioned categories of property, which will not be subject to ad valorem property taxation. This legislative action aims to align with the intent of voters who ratified amendment five to the West Virginia Constitution, which sought to exempt intangible personal property from such taxation.

Statutes affected:
Introduced Version: 11-1C-1a