The bill amends sections 11-6B-3 and 11-6B-7 of the Code of West Virginia to increase the homestead exemption from the previous $20,000 to a minimum of $25,000 for property owners aged 65 or older or those certified as permanently and totally disabled. This change is contingent upon the passage of a constitutional amendment that would allow for such an increase. Additionally, the bill repeals section 11-8-6e, which previously limited levy rates that could result in property tax increases.

The new legal language specifies that the exemption will apply to the assessed value of a homestead used exclusively for residential purposes and outlines the residency requirements for eligibility. It also clarifies that the exemption will be removed from a property if it is transferred to a new owner who does not qualify. Furthermore, the bill allows the Legislature to make future modifications to the homestead property exemption through general law, ensuring that the changes will only take effect after the necessary constitutional amendment is ratified.

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