This bill proposes amendments to the West Virginia Code regarding the homestead property tax exemption, specifically in sections 11-6B-3 and 11-6B-7, while also repealing section 11-8-6e. The legislation introduces a phased increase in the homestead exemption, starting at $25,000 in 2027 and increasing to $40,000 by 2030. It stipulates that these changes are contingent upon the passage of a constitutional amendment. Additionally, the bill removes the previous cap on the property tax books and repeals limitations on levy rates that would result in property tax increases.

Key changes include the deletion of the previous $20,000 exemption cap and the insertion of new language that outlines the phased increases in the exemption amounts. The bill also clarifies that the exemption will only apply to homesteads occupied exclusively for residential purposes by the owner, who must meet certain residency requirements. Furthermore, it specifies that the changes will take effect only if the proposed constitutional amendment is ratified by voters. The repeal of section 11-8-6e eliminates restrictions on levy rates related to property tax increases due to appraisals.

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