The bill amends sections 11-6B-3 and 11-6B-7 of the Code of West Virginia, increasing the homestead exemption from the previous $20,000 to not less than $25,000 for qualifying homeowners aged 65 or older or those permanently and totally disabled. It also introduces a provision allowing the Legislature to make future modifications to the homestead property exemption through general law. Additionally, the bill stipulates that the changes to the exemption will only take effect upon the ratification of a constitutional amendment that supports this increase.

Furthermore, the bill repeals section 11-8-6e, which previously limited levy rates that could result in property tax increases. The new language clarifies that the exemption will be reflected in property tax books as a deduction from the total assessed value of the homestead, and if the exemption exceeds the assessed value, no taxes will be levied. The sheriff is required to issue a statement to the homestead owner indicating that no taxes are due in such cases.

Statutes affected:
Introduced Version: 11-6B-3, 11-6B-7, 11-8-6e
Committee Substitute: 11-6B-3, 11-6B-7, 11-8-6e