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 allows for such an increase. Additionally, the bill grants the Legislature the authority to make future modifications to the homestead property exemption through general law. It also establishes that the exemption will not be transferable to another homestead until the following July 1 and outlines specific residency requirements for eligibility.

Furthermore, the bill repeals section 11-8-6e, which previously limited levy rates that could result in property tax increases. The changes to the homestead exemption will only take effect upon the ratification of the proposed constitutional amendment. The property tax books will reflect the new exemption amount as a deduction from the total assessed value of the homestead, and if the exemption exceeds the assessed value, no taxes will be levied, with the sheriff required to notify the owner accordingly.

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