This bill amends the Code of West Virginia to establish that the assessed value of certain types 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 new provision will take effect on July 1, 2025, and aims to alleviate the tax burden on businesses and individuals by exempting these categories of property from ad valorem property taxation.

Additionally, the bill clarifies that chattel interests in real or tangible personal property do not include the specified items of machinery, equipment, inventory, or motor vehicles. This change is intended to ensure that these items are not subject to property tax assessments, aligning with the legislative intent to implement the provisions of amendment five to the West Virginia Constitution, which sought to exempt intangible personal property from such taxation.

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